Default GST Rate and % Claimable
If the Enable GST Tracking checkbox is ticked in GST Setup a GST tab appears below the sub-category list. Clicking on this tab shows the GST rate code and % Claimable for each sub-category (the default rate is the one selected in GST Setup and the % Claimable will be 100 and should remain 100% unless the sub-category is not 100% for business use).
These entries provide the “automation mechanism” for transaction entry: - as each dissection line is entered and the sub-category selected the rate and % claimable specified here is used to calculate the default GST Amount for the dissection line.
Both the Rate and Claimable fields can be changed if necessary for a particular dissection by clicking onto the required column and choosing an item from the dropdown menu.
The GST rates available for any sub-category depends on the country selected, and whether the category is an income or expense category.
For further details on the GST rates, select the appropriate country below.
The Claimable % field allows Phoenix to automatically calculate the amount for private use to apply to your GST return. In the Australian Business Activity Statement, the amount for personal use is totalled in G15, and in New Zealand, the amount is included at item 10.
For any expense category that is partly private and partly business related, enter the percentage of expense in that category that relates to claimable business activities, i.e. you may only be able to claim 90% of the GST on a Telstra Tax invoice for Business use. Please note that the percentage set is ignored if the GST Rate is 0%.
See also: Setting up Categories
