GST Setup and Reporting Style

GST Setup is used to review / amend GST accounts and / or GST Reporting Style. The setup can be completed from the Base Building, which will then be used for creation of all new buildings, or in a local building, that may require a varied setup to the rest of the portfolio.  The reporting style (Gross or Net) will determine if GST in the Income and Expenditure Statement, is identified with the associated income / expense account or as an individual totaling account for GST on Income and GST on Expenses.

If there is a requirement to amend the reporting style, where transactions already exist, use 'Test Change Style' below before amending the GST Style and saving.

The screen will display:

• Australian Business Number (ABN)
• GST Registered Status
• GST Reporting Style
• GST and ATO Creditor Account Codes 
• Options for further GST setup

The use of the GST Setup screen is available for all Buildings to view, however amendments are only applicable to GST Registered Buildings as this setup determine reporting and transaction accounts.

GST Style - Gross or Net Reporting

Financial Statements / Income and Expenditure Reports can be reported using either Gross or Net reporting, however this is only applicable when a Building is registered for GST.  The style may also be able to be amended in certain circumstances and if completed, review of Budgets and Levies is also recommended.  The GST Style may vary between buildings depending on requirements and is available in StrataMax and GLMax.

Gross Reporting

Gross GST Reporting will use account codes to display total GST for Income and Expenses in a separate account for each Trading Fund.

• Administrative Fund - GST on Income
• Administrative Fund - GST on Expenses
• Sinking Fund / Capital Works - GST on Income
• Sinking Fund / Capital Works - GST on Expenses

Net Reporting

Net GST Reporting will include GST transactions in the same Income / Expense account as the transaction. Reporting with this style will not show GST accounts separately in the Income and Expenditure report. 

Change GST Reporting Style

It may be appropriate to amend the reporting style in some instances. The previously created GST transactions will need to move on the Income and Expense accounts to allow the change to be saved.  

Gross to Net reporting will test to move GST Transactions from GST on Income to individual related income accounts and GST on Expenses to individual related expense accounts for all trading funds.

Net to Gross reporting will test to move GST Transactions from GST on individual related income accounts to the one GST on Income account and GST on individual related expense accounts to the one GST on Expense account, for all trading funds.

1. Select Building
2. Search or select 'Data Storage' and complete a back-up prior to any GST Style change
3. Search or select 'GST Setup'
4. Options - Test GST Style Change
5. Select 'Yes' to prompt to test
6. Results provided will check Old / Current Year to determine if adjusting records will correctly move any GST transactions. The difference column is expected to be $0.00 for each account.
7. Select Print to produce / save the report; view auto-post records to see what journals will process; ok to close the test results screen.
8. Once the test is completed and results are correct, amend GST Style and select 'Save'. Results will again display, select 'Confirm Style Change'

Opening Balances / Journals are some transaction types that may not be able to correctly apply style changes if there are transactions where GST is not able to be identified or doesn't exist.

If 'Audit Done' option has been ticked for the prior years in Building Information, the GST Style Change will only be processed in the Current Year.  The 'Audit Done' option may be unticked in the prior years if the GST Style Change is to effect both years, then the change can be processed.

Please contact our Support Team for further assistance if a GST Style change is unable to be completed successfully.

GST Account Code Setup

The setup of the Clearing Accounts and the ATO Creditor account can be reviewed / amended in GST Setup. Click on the  button, and select the account for each of the codes and click 'OK'

1. Select or change the 'Withholding Tax Clearing Account'
2. Select or change the 'GST Clearing Account'
3. Select or change the 'PAYG Clearing Account'
4. Select or change the 'ATO Creditor Account'
5. Click Save.

Other Options

The below items are accessed from the Options menu:

• BAS Info Edit - Shortcut to BAS Info Editor for PAYG Withholding Tax setup.
• Test Style Change - to be used prior to changing the reporting style - see above. 
• Test BasBal Records - available in a local building with User password - refer to Support Team for further details.
• Remove GST Transaction Records and Unregister (disabled) - refer to 'Register & De-Register a building'.
• Copy Setup to Old Year - will apply the setup from the current to the old year.

GST Setup - Base Building

Select Building and then click 'Base Building' from the bottom of the portfolio list

1. Search or select GST Setup. 
2. Review the Local Setup.
3. Amend if required, then select Save.

This will amend the setup for all new buildings created after the amendments have been made.

GST Setup - Building (local)

Select Building 

1. Search or select GST Setup. 
2. Review the Local Setup.
3. Amend if required, then select Save.

This will amend the locally selected building only.