New VAT Codes in NS Financials with Attachment Files_Vat Transact'n Codes & FBT Entertm't Guidelines
Dear NS Financials Users,
I refer to the email circulated yesterday regarding the New VAT (GST) Code Changes.
Please find attached:
Please read these and become familiar with the changes. These versions will replace those issued at the Training Course.
As mentioned earlier the GST Code changes were going to be implemented in March 2007. This has been brought forward and the new GST Codes are now in NS Financials. The new codes will need to be used now. Remember, in most cases, the correct GST Code will default.
Please note that due to this early implementation, it has been necessary to also implement an interim process and another new code (EXAD) to facilitate the processing of GST on taxable importations. As mentioned in the training, you will be advised when UNSW is registered under the GST Deferral Scheme. When this occurs, you will no longer be required to use the interim process and the code EXAD (for taxable importations) as any GST that customs would otherwise collect on taxable imports is automatically accounted for when our monthly BAS is lodged.
If you have any questions regarding the new codes then please me Anthony Watson, Manager Taxation awatson@unsw.edu.au
Regards,
Anthony Watson
_____________________________
Manager, Accounting Policy,
Practice and Tax
The University of New South Wales