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  • #982686
    chrissi
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    Hi Guys,

    I have come across a few GST Tax codes that I’m not very familiar with and I need to enter them in to MYOB,

    CAF – Capital Asset GST Free – 0%

    NTD – Non-tax Deductable – 0%

    NIF – Negative income GST Free – 0%

    I need to know the tax type, and linked accounts that go with each can anyone help me PLEASE!!!

    I have attached an image of a GST Tax code that has already been set up so you know what I mean.

    Any help would be greatly appreciated :)

    #1138171
    Healthy Personal Finances
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    My understanding with the CAF one is that you bought a capital asset that has no GST. So as the rate is 0% do you need to add linked accounts…as there is no value to link anyway ?

    NTD – Non tax deductible would be for things like fines I am assuming. You can’t claim the GST on those expenses and these non deductible items need to be accounted for when doing your tax reconciliation at year end.

    NIF – is for expense items that are recorded directly against income. AGain, as the rate is 0% do you require a linked account. Generally, I don’t recommend recording expenses directly against income, so if you don’t need to use this code, then don’t set it up.

    Hope this helps
    Cheers
    Stacey

    #1138172
    BYBB
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    Hi Chrissi

    Tax code’s in MYOB will only be the default tax codes, you can change them, but would advise against this – see support note from MYOB and also setup of GST – when setting up your GST codes – you always need to link it to your GST paid and GST collected regardless if 0% so you are correct. not sure why you would want to use NIF? Generally if you use the main ones that MYOB have as default you cant go wrong – I’ve seen many attempts at too many GST coding in accounting software and it becomes one big mess.

    http://myobaustralia.custhelp.com/app/answers/detail/a_id/9265

    hope this makes sense – get it right first time otherwise a bit of a nightmare to fix up

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