Setting Up Tax Codes: Australia
When setting up tax codes in HQ Tax codes for Australia, you only need to create single-level codes. Multi-level codes are unnecessary.
- Select the Add'l Options tab on the HQ Tax Codes form.
- Check the Value Added Tax (VAT) box.
- Check the Federal Goods & Services Tax (GST) box for codes tracking GST.
- If you want to track retainage tax liabilities separate from standard tax liabilities, enter a GL account in the Credit GL Ret Account field.
The system enables the Credit GL Retention GST Acct, Debit GL Account and Debit GL Ret Account fields.
- Enter a GL account to track retainage ITC payables in the Credit GL Retention GST Acct field.
- Enter a GL account to track standard ITC amounts in the Debit GL Account field.
- Enter a GL account in the Debit GL Ret Account field. This account is the retainage ITC contra account.
- Save the record as normal.