How To Record GST on Imports in MYOB Exo
Recording GST on Imports in MYOB Exo
In order to record GST on Imports where the business is charged a line of 100% GST you will need a GST rate for GST on Imports – and it is recommended to have a lookup stock item for GST on Imports.
The instructions below outline how these items should be setup and how to process your freight forwarder invoice.
Please note these instructions are generic in nature and may not fit the individual/specific requirements of your business.
These instructions are not intended to provide GST or tax advice.
If you have any questions on processing GST entries in Exo, please contact Acacia Consulting Services; please contact your accountant for GST and/or Tax advice.
Step 1) Setup a GST rate for “GST on Imports”.
Record GST on Imports in MYOB Exo – Step 1.
Click on the drop-down menu “Setup” – “Business Admin Settings (General Setup)”
On the screen that opens, click on “Tax Rates” on the left-hand side of the screen. Check to see if a GST ON IMPORTS tax rate already exists (it may not be number 36 as per the screen shot below).
If the Tax Rate does not exist, click on “New” on the top left-hand side of the screen.
Enter a “Tax rate name” and “short name as desired”. Ensure the “Tax rate %” is 100 and the “Tax return key point” is G20A – 100% Customs GST.
Step 2) Create a Lookup Item for “GST on Imports”
Record GST on Imports in MYOB Exo – Step 2.
To simplify data entry, create a lookup stock item for GST on Imports.
On the Details 2 tab, set the “Purch GST” rate to the 100% GST rate from Step 1.
Step 3) Process your Freight Forwarder invoice with 100% GST
Record GST on Imports in MYOB Exo – Step 3.
Create a new creditor invoice as normal for your freight forwarder. If applicable, draw-down any inwards goods on-costs that may be apply to the invoice.
Add a line to your invoice using the GST on Imports stock item from Step 2.
Enter the GST amount as required and click on the periscope button
to confirm the GST rate and GST amount.
General Ledger and GST Reporting
When the Creditors ledger is posted to the General ledger, the following posting will occur.
The Tax By Rate Type report will display:
The BAS Tax Return will display:
Once again, please note that these instructions are generic in nature and therefore may or may not be exact for your business.
However, hopefully this will help or guide you with recording GST on Imports in MYOB Exo 🙂
Acacia Consulting Services – helping you take your accounting software to the next level.