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What is the difference between the two codes 'GST on purchases' and 'GST' and 'GST Free' and "GST

Probably a stupid question but what is the difference between the codes 'GST on purchases' and 'GST' and 'GST Free' and "GST free purchases'

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Best answer 08-27-2019

Accepted Solutions
QuickBooks Team

Re: What is the difference between the two codes 'GST on purchases' and 'GST' and 'GST Free' and ...

Hi JJBC,

 

Good question! These GST codes are part of the ATO's simpler GST reporting guidelines set in place for businesses with a turnover of less than $10 million a year.

 

Here's a comprehensive article on what the difference is between these codes: https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Goods-and-services-tax-(GST)/Simp...

 

Hope this helps!

 

Bonny

View solution in original post

2 Comments
QuickBooks Team

Re: What is the difference between the two codes 'GST on purchases' and 'GST' and 'GST Free' and ...

Hi JJBC,

 

Good question! These GST codes are part of the ATO's simpler GST reporting guidelines set in place for businesses with a turnover of less than $10 million a year.

 

Here's a comprehensive article on what the difference is between these codes: https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Goods-and-services-tax-(GST)/Simp...

 

Hope this helps!

 

Bonny

View solution in original post

Level 1

Re: What is the difference between the two codes 'GST on purchases' and 'GST' and 'GST Free' and ...

Thanks Bonny. That really helped