GST Code 'NIAO' When Credit Card Purchase Receipt / Invoice been lost
Dear UNSW Credit Card Holders & Credit Card Reconcilers,
As you are aware, it is essential for UNSW to keep all tax invoices and receipts for expenses incurred on a UNSW credit card. These then need to be given to your Proxy Reconciler in order to reconcile each transaction as an expense to your budget in NS Financials.
UNSW cannot claim a GST credit for GST on expenses incurred in Australia where you have NOT kept the original documentation. This means that your expenses actually cost the University 10% more and is an unnecessary waste of valuable university funds.
To claim the GST credits UNSW is required to hold a valid tax invoice for purchases over $75 (excluding GST) and for purchases $75 or less (excluding GST) UNSW is required to hold cash register dockets, receipts or invoices. (The threshold is rising from $55 pre July to $75 from 1st July, 2007 onwards).
Credit Card Holders:
If you have lost or misplaced your tax invoice or receipt, you must attempt to obtain a copy from the supplier. If not, you need to fill in a "Credit Card Transaction Declaration" Form which is signed by your Manager / Supervisor. Give this completed form to your Reconciler.
The form is available on the Finance website:
Credit Card Reconcilers:
If the Cardholder cannot provide an original tax invoice/receipt for a purchase, you cannot reconcile the transaction until you've received the completed form above. Once you have, such domestic transactions which include GST should be coded in the NS Financials system with a VAT Transaction Code of "NIAO". This is changed via the Money Bags icon, under the VAT tab.
An updated copy of the GST Transaction Codes table is attached - including this definition in the NIAO section description for your reference.
Any questions about the GST should be referred to the Anthony Watson Manager, Accounting Policy, Practices & Tax at awatson@unsw.edu.au or ext 51313.
Regards,
Anne-Marie Sirca
Finance Training Manager
Finance Programme Management Office, Uni NSW
Ph: 02 938 52758