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 ▪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
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.
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.
When paying the ATO, the payment should be entered as follows:
Further information Change GST from Cash to Accrual Complete a GST Session: Accrual Method Complete a GST Session: Cash Method Handle NZ GST in Australian Database |