Frequently asked questions

F.A.Q

How do I enter in Merchant and / or Bank Fees?

Bank Fees consist of Account Fees, Loan Establishment Fees etc, these fees do not carry GST. When entered into your accounting system they need to be entered with an "Input Taxed" code, meaning that the bank does not charge the customer GST. Merchant fees are different in the fact that they are charged with GST, so a GST credit can be claimed.

Can I claim GST without a tax invoice?

Under ATO laws, to claim a GST credit for purchases over $82.50 you have to be GST registered and have a valid tax invoice or RCTI (Recipient Created Tax Invoice), should you have an incomplete or incorrect tax invoice, GST credits cannot be claimed. To claim GST credits for purchases under $82.50 you must retain cash register dockets, receipts, invoices or maintain a diary entry to support the GST claim. All tax invoices and other GST records must be retained for a period of 7 years.

What part of my company vehicle registration and insurance can I claim GST on?

The only part of the vehicle registration that has a GST credit is the CTP Insurance premium. Where only 6 months has been paid the Insurers Premium Surcharge also has a GST component, the remainder is GST free. Vehicle Insurance, as with other business insurances has a stamp duty component which is GST free. A GST credit can be claimed on the Premium, Levies and where applicable Broker Fees. When you receive your insurance or car registration renewal documents the tax invoices will break each part down for you.

Is there GST on Government Fees?

There is no GST on Government fees such as; Land Tax, Council Rates, Water Rates, ASIC Filing Fees etc, so these need to be entered in a FRE code.

Is superannuation paid on overtime hours?

This may differ depending on the award that your staff work under, but as a general rule 9% superannuation is only payable on the base hours. If you have a staff member that is contracted to 38 hours, but works 45 hours, then superannuation is calculated on the 38 hours. It is important to check though with the State or Federal Award your staff may come under.

Is there an increase in Superannuation percentage?

Superannuation Guarantee will be gradually increasing from 9% to 12% between 1 July 2013 and 1 July 2019, the superannuation guarantee age limit will also be increasing from 70 to 75 on 1 July 2013.

 

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MICB Number: 351670

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