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GST Income Calculations

GST Income Calculations

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GST Income Calculations

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# How to manually calculate GST in GeeDee

 

Suggested Routine to Establish Monthly Income Where GST is Recorded as a Separate Amount

 

1. List in columns, under headings, the amounts shown on the "Payment to Business" report.

 

2. To these figures add any amounts that may have been drawn as mid month payments to business.  These totals represent the total income derived from the Property Management department.

 

3. From the FID/BAD & GST Collections total deduct the total FID/BAD amount as recorded on the Lessor Trial Balance.  The difference should be the same as the total GST as recorded on the final page of the Lessor Trial Balance.

 

4. From the total Rent Commission established at Step 2 deduct the total of the exempt Rent Commission plus the total of the exempt Sundries as recorded in the various areas of the Lessor Trial Balance.

 

5. Determine the individual totals for the exempt amounts for Letting/Leasing Fees, Inspection Fees, Inventory Fees, etc., and deduct these totals from the respective totals established at Step 2.

 

6. The totals established at Steps 4 and 5 represent the taxable amounts to which must be added a pro-rata of the GST amount established at Step 3. The resultant totals represent the income which is subject to GST, that is, one eleventh is payable.

 

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