Return to Index or go to next page. (Retun to Index)
March 2000 Created for V3.9 updated for window4.0 October 2009
Definition: ATO/TA means Australian Tax Office or your Tax Adviser or accountant. Always check with them to confirm that you are following correct procedures.
The program allows for goods that are subject to the GST and goods that are exempt. Consult the ATO/TA for details. The program has 4 tax levels:
0 = No GST or exempt
1 = GST at the required rate
When entering stock set the tax to required rate (0 or 1). Before operating the program (cms_sales.exe) check that the tax rate is correct (10%) and no sales or tax is recorded. This is found in the CMS_Set.exe under 'GST'. The rate can be changed or the GST can be added to the sales. The default is 10% included in the price.
When sales are processed the GST is calculated and recorded in the above location. At monthly or quarterly intervals as required. The Totals are at the bottom of the EOD printout.
When the GST is added to the price of goods the final total will not end in 0 or 5 and cents rounding will occur. (This problem will not occur if you use GST Included prices.)
Note. Prices of 50c and $1.00 will produce total of 55c and $1.10 respectively. All other prices will lead to odd cents. Close approximates are produced by 9, 14, 18, 23, etc. but lead to odd cents when two items are added together.
If you wish to sell an item at $50.00, divide by 11 to calculate the GST of $4.55 (rounded to nearest cent), subtract this from the original price to give a selling price of $45.45. Because of rounding odds cents can still occur.
CMS automatically rounds for cash sales.
GST returns are to be on a cash basis ( money received) or accrual (when the invoice is made and not when payment is received).
Today's Taking or Register Summary will have a total under Money In. The GST due is this total divided by 11.
Use the totals at the EOD printout. Manual adjustments need to be made in one tax period and payment made in the next with lay-bye or account payments. Adjustments for the previous tax periods will also need to be made.
The totals GST sales are at the bottom of the EOD summary. These need to be added for the required period.
Return to Index or go to next page.