Record Deferred GST on Imports

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When importing, GST on imports may be deferred, instead of paying the GST to a customs agent on each shipment. The deferred GST figure will be embedded in the monthly ECI BAS by the ATO. This deferred GST amount should be entered into Jim2 before running the GST session as follows:

add a new account to the GST Liabilities area of the general ledger, eg. 2-1350 GST Deferred on Imports (if it is not already set up) with a default tax code of X

gstdefer

add a general journal – BAS Type – Purchase (Acquisition). A figure of $5,000.00 is used in this example, and the general ledger account numbers may also be different in the general ledger. Debit 2-1330 GST Paid $5,000.00 tax code F and credit 2-1350 GST Deferred on Imports $5,000.00 Tax Code X

GSTimport

 

The deferred GST has now been recorded and, using Tax Code F, Jim2 will gross up that amount to record total purchases including GST to $55,00.00. This was the deemed value of the goods at the time they cleared customs – including the GST charged.

 

Info

Note: The worksheet tab will show the grossed up amount in G11, however the By Tax tab will only show the tax amount.

 

The deferred GST figure will flow through to 7A in GST Sessions in Jim2, and is included in the G11 figure for total non-capital purchases.

 

GSTimport1

 

When paying the ATO, the payment should be entered as follows:

 

Credit 1-1110 Bank Account

Tax Code X

Total amount of payment

Debit 2-1310 GST Collected

Tax Code X

Total GST Collected on Sales

Credit 2-1330 GST Paid

Tax Code X

Total GST Paid on Purchases

Debit 2-1350 GST Deferred

Tax Code X

Total GST Deferred on Imports

Debit 2-1410 PAYG Payable

Tax Code X

Total PAYG Withheld from wages

 

Further information

Fuel Tax Credits

GST Reports

GST Session By Tax Tab

GST Session FAQ

GST Session PAYG Tab

GST Session Purchases Tab

GST Session Sales Tab

GST Session Worksheet Tab

IAS Monthly PAYG Lodgement

Initial GST Session

Change GST from Cash to Accrual

Complete a GST Session: Accrual Method

Complete a GST Session: Cash Method

Complete an NZ GST Session

Handle NZ GST in Australian Database

Record Your BAS Payment/Refund to ATO

Delete a GST Session