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Navigation: Financial > Day to Day Tasks > GST in Phoenix > GST Adjustments - Australia

Decrease In Business Use (increased private use)

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Method 1 - Reallocate between the business expense category and the private drawings category:

Enter a $0.00 journal deposit transaction with 2 dissections:

Refund the increase $ value of private use to the original purchase sub-category, selecting the “A” “Adjustment: Prior Taxable” GST rate.

Allocate the same $ value of personal use to your Personal Drawings with a 0 (not applicable) GST rate.

For example, a $3000 computer purchase was originally estimated at 80% business use. However, business use was later estimated to be 70% or that is, an additional 10% or $300 value for private use…

The effect is to:

Take $300 off the Asset purchases category, while adding a $300 adjustment to G7 of the GST Calculation Sheet for the BAS form.

Add $300 to the Drawings category

 

Method 2 - Refund the original entry to the business expense category and re-enter using the new %Claimable:

Enter a $0.00 journal deposit transaction with 2 dissections:

Refund the full original entry to the original category, selecting the “A” “Adjustment: Prior Taxable” GST rate. Remember to include the original %Claimable.

Re-enter it using the new %Claimable figure, selecting the “A” “Adjustment: Prior Taxable” GST rate.

For example, a $3000 computer purchase was originally estimated at 80% business use. However, business use was later estimated to be 70% or that is, an additional 10% or $300 value for private use…

The effect is to:

Leave the tax inclusive Asset purchase category total unchanged while adding a $300 adjustment to G7 of the GST Calculation Sheet for the BAS form.

Change the Claimable Exclusive total of the Asset purchase category.

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