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GST on Fees and Charges

GST on Fees and Charges

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GST on Fees and Charges

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Fees and Charges to Lessors may be treated as inclusive or exclusive of GST. This is the option of the user. Fees and charges to V/O accounts are always inclusive of GST.

 

Inclusive of GST

If the Lessor Fees are inclusive of GST, then on 30 June 2000 you must adjust all you management fee amounts to the amount that you have negotiated with the Lessors as being the GST inclusive amount. The new management fee, default inspection fee, sundries, cheque charge all need to be updated on the property page. As any other Lessor charges are entered after the date, they may also be different.

 

In the system, the best way of separating the Lessors' contracts that are exempt from GST is to connect them to a separate area. You will see that on the Lessor page of the main screen, each Lessor is attached to an area. We suggest that using the system setup program, you create a new area called 'GST Exempt'. Return to the main program, and connect any Lessors whose contracts are GST exempt to this area.

 

Your Lessor trial balance report will then show these Lessors separately and allow you to subtract the fees that are exempt from the total fees collected. If there is only a handful of exempt Lessors, it may be simpler to make a copy of their statements to determine the total value of GST exempt fees. The numbers of these Lessors will slowly diminish over time as their contracts are reviewed, renewed or expire.

 

Exclusive of GST

If the Lessor fees are not inclusive of GST, then for each Lessor for which you wish to add GST to the fees and charges you must check the "ADD GST" checkbox on the Lessor Page of the desktop. Once this has been checked, then you will notice that the system will automatically calculate the 10% GST and the amount will appear on the Desktop. When you print out an Lessor statement, then it will appear as a separate item added to all Fees and Charges. At the end of the month it will be debited from their accounts and journalled to Account Ledger #4 (also used for FID and BAD). The GST that has been collected will be included with your fees and charges. It will be part of the end of month payment to your business account.

 

 

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