What GST codes does Kontuly use, and can I add my own?
A new Kontuly business starts with the standard Australian GST codes: GST 10%, GST Free, Input Taxed and No GST. Each account has a default code, and invoices, bills, credit notes and bank lines can use any active rate.
What does each code mean?
| Code | Kind | On your BAS |
|---|---|---|
| GST 10% | Taxed | Sales in G1 and their GST at 1A; purchases' GST at 1B |
| GST Free | Zero rated / free | Taxable at 0%, such as basic food or exports. Included in G1, no GST |
| Input Taxed | Exempt | Outside GST, such as interest income and other financial supplies. Included in G1, no GST |
| No GST | Not reported | Not on the BAS at all: wages, transfers, loans, owner's capital and drawings |
Which code a sale or purchase needs is a tax question: check with your accountant or registered BAS agent.
Account defaults
In the standard chart, most expense accounts are GST 10%, Bank Fees and Interest Expense are GST Free, Interest Income is Input Taxed, and Wages, Superannuation and Depreciation are No GST. Change an account's GST code in the Chart of Accounts.
The default is used when you code a bank line to the account and as the starting rate on a split line. Invoice, bill and credit note lines start at your main taxed rate, and you choose each line's rate yourself.
Add a rate
- Open Settings and find Tax rates under GST & returns.
- Click Add rate.
- Type a Name. Names must be unique.
- Choose the Kind: Taxed, Zero rated / free or Exempt.
- Enter the Rate (%) for a taxed rate.
- Click Add rate. Rates save straight away, without Save changes.
Edit or archive a rate
Click the pencil to rename a rate. A taxed rate's percentage can only change while it's unused; the kind never changes. Archive a rate with the archive icon; you can't archive the four built-in rates, or a rate that's still an active account's default. See Why can't I change a tax rate's percentage?
Related questions
- How does Kontuly work out GST on a bank transaction?Kontuly treats bank amounts as including GST and splits the tax out at the account's rate, or a rate you choose, when you code the line.
- Why can't I change a tax rate's percentage in Kontuly?Once a GST rate has been used in Kontuly, its percentage is locked so past documents stay correct. Add a new rate and switch your accounts to it.
- What happens in Kontuly if I'm not registered for GST?Untick Registered for GST in Kontuly's settings and no GST is worked out anywhere. What changes, and what happens when you register later.
More about gst, bas and tax
- How do I prepare my BAS figures in Kontuly?Kontuly's GST Report prepares the G1, 1A and 1B labels of your BAS, plus PAYG labels if you set them up. Here's how to run it for your BAS period.
- Cash or accruals: when does Kontuly report GST?On the accruals basis Kontuly counts GST on the invoice or bill date; on the cash basis, when the money is paid. How to choose and what changes.
- How does Kontuly work out PAYG withholding W1 and W2?Kontuly has no payroll, but reads BAS labels W1 and W2 from your wages and PAYG withholding accounts. How to set them up and record each pay run.
- How do I add PAYG instalments to my BAS in Kontuly?Set PAYG income tax instalments in Kontuly's BAS PAYG settings as your ATO notice amount (T7) or rate (T2), and the GST Report adds 5A, 8A and 9.
- How do I prepare a TPAR (taxable payments report) in Kontuly?Flag contractors on their contact and Kontuly's Taxable Payments Annual Report totals what you paid each one, with GST, for your TPAR. You lodge it.