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Preset Accounts and Goods and Service Tax Settings

preset chart of account options provide 1 click set up for your business revenue and expense accounts including applicable Goods and Service Tax (GST) settings and calculations required to complete your Business Activity Statement (BAS). Chart of Accounts for GST and BAS Reporting proivdes further detail on preset chart of account options.

Preset account options include . Preset accounts and related tax settings are:

Generic preset accounts:

Revenue

  • Sales GST set with tax as GST at 10%, this is for revenue where GST is charged.
  • Sales GST Free set with tax as Other GST Free at 0%, this is for other revenue where no GST is charged.
  • Interest set with tax as Input Taxed Sales No GST at 0%, this is for revenue from interest earned.
  • Sales Export set with tax as Export No GST at 0%, this is for revenue from export sales where no GST is charged.

Expense

  • Supplies GST set with tax as Non-Capital GST at 10%, this is for non-capital items where GST is paid.
  • Equipment GST set with tax as Capital GST at 10%, this is for capital items where GST is paid.
  • Supplies No GST set with tax as Non-Capital No GST at 0%, this is for non-capital items where no GST is paid.
  • Equipment No GST set with tax as Capital No GST at 0%, this is for capital items where no GST is paid.

Trade preset accounts

Revenue

  • Labour set with tax as GST at 10%, this is for revenue from labour where GST is charged.
  • Materials set with tax as GST at 10%, this is for revenue from the sale of materials, supplies and parts where GST is charged.
  • Other set with tax as GST at 10%, this is for revenue from other items where GST is charged.
  • Interest set with tax as Input Taxed Sales No GST at 0%, this is for revenue from interest earned.

Expense

  • Materials set with tax as Non-Capital GST at 10%, this is for non-capital materials, supplies and parts expenses where GST is paid.
  • Equipment GST set with tax as Capital GST at 10%, this is for capital equipment and items where GST is paid.
  • Equipment No GST set with tax as Capital No GST at 0%, this is for capital equipment and items where no GST is paid.
  • Telecommunications set with tax as Non-Capital GST at 10%, this is for non-capital telephone, mobile phone and internet expenses where GST is paid.
  • Power set with tax as Non-Capital GST at 10%, this is for non-capital electricity and gas expenses where GST is paid.
  • Sub-Contractors set with tax as Non-Capital GST at 10%, this is for non-capital sub contractor (cleaning, security etc) expenses where GST is paid.
  • Vehicle set with tax as Non-Capital GST at 10%, this is for non-capital vehicle running (fuel, oil, etc) expenses where GST is paid.
  • Fees and Charges GST set with tax as Non-Capital GST at 10%, this is for non-capital fees (accounting fees, the GST component of Insurance etc) where GST is paid.
  • Fees and Charges No GST set with tax as Non-Capital No GST at 0%, this is for non-capital fees (interest, bank and financial fees, domain registration, digital content, the GST free component of Insurance etc) items where no GST is paid.
  • Rent set with tax as Non-Capital GST at 10%, this is for non-capital rent and lease expenses where GST is paid.
  • Maintenance set with tax as Non-Capital GST at 10%, this is for non-capital maintenance and repairs expenses where GST is paid.
  • Donations set with tax as Non-Capital No GST at 0%, this is for donation expenses where no GST is paid.
  • Other set with tax as Non-Capital GST at 10%, this is for non-capital other expenses where GST is paid.

Service preset accounts:

Revenue

  • Sales GST set with tax as GST at 10%, this is for sales revenue where GST is charged.
  • Other set with tax as GST at 10%, this is for other revenue where GST is charged.
  • Interest set with tax as Input Taxed Sales No GST at 0%, this is for revenue from interest earned.

Expense

  • Supplies GST set with tax as Non-Capital GST at 10%, this is for non-capital items where GST is paid.
  • Equipment GST set with tax as Capital GST at 10%, this is for capital equipment and items where GST is paid.
  • Supplies No GST set with tax as Non-Capital No GST at 0%, this is for non-capital items where no GST is paid.
  • Equipment No GST set with tax as Capital No GST at 0%, this is for capital equipment and items where no GST is paid.
  • Telecommunications set with tax as Non-Capital GST at 10%, this is for non-capital telephone, mobile phone and internet expenses where GST is paid.
  • Power set with tax as Non-Capital GST at 10%, this is for non-capital electricity and gas expenses where GST is paid.
  • Sub-Contractors set with tax as Non-Capital GST at 10%, this is for non-capital sub contractor (cleaning, security etc) expenses where GST is paid.
  • Vehicle set with tax as Non-Capital GST at 10%, this is for non-capital vehicle running (fuel, oil, etc) expenses where GST is paid.
  • Fees and Charges GST set with tax as Non-Capital GST at 10%, this is for non-capital fees (accounting fees, the GST component of Insurance etc) where GST is paid.
  • Fees and Charges No GST set with tax as Non-Capital No GST at 0%, this is for non-capital fees (interest, bank and financial fees, domain registration, digital content, the GST free component of Insurance etc) items where no GST is paid.
  • Rent set with tax as Non-Capital GST at 10%, this is for non-capital rent and lease expenses where GST is paid.
  • Maintenance set with tax as Non-Capital GST at 10%, this is for non-capital maintenance and repairs expenses where GST is paid.
  • Donations set with tax as Non-Capital No GST at 0%, this is for donation expenses where no GST is paid.
  • Other set with tax as Non-Capital GST at 10%, this is for non-capital other expenses where GST is paid.

Retail preset accounts:

Revenue

  • Sales GST set with tax as GST at 10%, this is for sales revenue where GST is charged.
  • Sales GST Free set with tax as Other GST Free at 0%, this is for sales revenue where no GST is charged.
  • Other set with tax as GST at 10%, this is for other revenue where GST is charged.
  • Interest set with tax as Input Taxed Sales No GST at 0%, this is for revenue from interest earned.

Expense

  • Supplies GST set with tax as Non-Capital GST at 10%, this is for non-capital items where GST is paid.
  • Equipment GST set with tax as Capital GST at 10%, this is for capital equipment and items where GST is paid.
  • Supplies No GST set with tax as Non-Capital No GST at 0%, this is for non-capital items where no GST is paid.
  • Equipment No GST set with tax as Capital No GST at 0%, this is for capital equipment and items where no GST is paid.
  • Telecommunications set with tax as Non-Capital GST at 10%, this is for non-capital telephone, mobile phone and internet expenses where GST is paid.
  • Power set with tax as Non-Capital GST at 10%, this is for non-capital electricity and gas expenses where GST is paid.
  • Sub-Contractors set with tax as Non-Capital GST at 10%, this is for non-capital sub contractor (cleaning, security etc) expenses where GST is paid.
  • Vehicle set with tax as Non-Capital GST at 10%, this is for non-capital vehicle running (fuel, oil, etc) expenses where GST is paid.
  • Fees and Charges GST set with tax as Non-Capital GST at 10%, this is for non-capital fees (accounting fees, the GST component of Insurance etc) where GST is paid.
  • Fees and Charges No GST set with tax as Non-Capital No GST at 0%, this is for non-capital fees (interest, bank and financial fees, domain registration, digital content, the GST free component of Insurance etc) items where no GST is paid.
  • Rent set with tax as Non-Capital GST at 10%, this is for non-capital rent and lease expenses where GST is paid.
  • Maintenance set with tax as Non-Capital GST at 10%, this is for non-capital maintenance and repairs expenses where GST is paid.
  • Donations set with tax as Non-Capital No GST at 0%, this is for donation expenses where no GST is paid.
  • Other set with tax as Non-Capital GST at 10%, this is for non-capital other expenses where GST is paid.

Internet preset accounts:

Revenue

  • Sales GST set with tax as GST at 10%, this is for sales revenue where GST is charged.
  • Sales Export set with tax as Export No GST at 0%, this is for revenue from export sales where no GST is charged.
  • Sales GST Free set with tax as Other GST Free at 0%, this is for sales revenue where no GST is charged.
  • Other set with tax as GST at 10%, this is for other revenue where GST is charged.
  • Interest set with tax as Input Taxed Sales No GST at 0%, this is for revenue from interest earned.

Expense

  • Supplies GST set with tax as Non-Capital GST at 10%, this is for non-capital items where GST is paid.
  • Equipment GST set with tax as Capital GST at 10%, this is for capital equipment and items where GST is paid.
  • Supplies No GST set with tax as Non-Capital No GST at 0%, this is for non-capital items where no GST is paid.
  • Equipment No GST set with tax as Capital No GST at 0%, this is for capital equipment and items where no GST is paid.
  • Telecommunications set with tax as Non-Capital GST at 10%, this is for non-capital telephone, mobile phone and internet expenses where GST is paid.
  • Power set with tax as Non-Capital GST at 10%, this is for non-capital electricity and gas expenses where GST is paid.
  • Sub-Contractors set with tax as Non-Capital GST at 10%, this is for non-capital sub contractor (cleaning, security etc) expenses where GST is paid.
  • Vehicle set with tax as Non-Capital GST at 10%, this is for non-capital vehicle running (fuel, oil, etc) expenses where GST is paid.
  • Fees and Charges GST set with tax as Non-Capital GST at 10%, this is for non-capital fees (accounting fees, the GST component of Insurance etc) where GST is paid.
  • Fees and Charges No GST set with tax as Non-Capital No GST at 0%, this is for non-capital fees (interest, bank and financial fees, domain registration, digital content, the GST free component of Insurance etc) items where no GST is paid.
  • Rent set with tax as Non-Capital GST at 10%, this is for non-capital rent and lease expenses where GST is paid.
  • Maintenance set with tax as Non-Capital GST at 10%, this is for non-capital maintenance and repairs expenses where GST is paid.
  • Donations set with tax as Non-Capital No GST at 0%, this is for donation expenses where no GST is paid.
  • Other set with tax as Non-Capital GST at 10%, this is for non-capital other expenses where GST is paid.

See BAS-I.C Topics for additional topic pages.