Hi there! Your videos are so great, thank you. This may be a daft comment but we have switched to Xero so need to have more awareness of the particularities of the bills we pay for input. If I may ask a question: We purchase goods from a wholesale supplier who is not registered for GST. Say we buy 10 items at $20 each. We pay him $200, and then keep the receipts for our tax accountant. We sell these items in our online store, which then have GST included in the price. Now that we have to enter bills into Xero, are these 10 items categorised as No Tax, and therefore BAS excluded?
great bas exllainaton
Hi there! Your videos are so great, thank you. This may be a daft comment but we have switched to Xero so need to have more awareness of the particularities of the bills we pay for input. If I may ask a question:
We purchase goods from a wholesale supplier who is not registered for GST. Say we buy 10 items at $20 each.
We pay him $200, and then keep the receipts for our tax accountant. We sell these items in our online store, which then have GST included in the price.
Now that we have to enter bills into Xero, are these 10 items categorised as No Tax, and therefore BAS excluded?
They should be entered as GST Free so the details still go into your BAS returns but with no GST credits.
I am an NDIS Service Provider; this is GST-free.
What exactly?
I do not charge GST on the services I offer people registered with the NDIS where the funds come from to pay me.