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You can automatically track the expected GST liability for your business based on the budget values you enter. This can help you plan your tax compliance and avoid nasty surprises from the ATO or Inland Revenue.
Depending on your reporting frequency, you'll get an estimate of GST payable or refundable in the GST Movement section of the budget.
Depending on when you created your MYOB business, the GST Movement section will display either separate GST Paid and GST Collected accounts or a combined GST Balance account.
How to use it
To automatically calculate GST in your budget, you need to select an option to turn it on, check your GST report settings and choose a GST clearing account.
When you enter your budget amounts, your GST liability is automatically calculated.
Select Auto calculate and confirm that you understand that this will overwrite any values that have been entered in the GST Movement section.
Click Report settings to open the Report settings page.
On the Business settings tab, check your accounting method and GST reporting method options and change these if you want.
Any changes you make here will be applied to all users of your MYOB business. If you're not sure about these settings, consult your accounting advisor.
Select your GST clearing account. This will be the liability account that temporarily holds funds to be disbursed to the ATO or IRD and it will indicate your GST liability for each reporting period.
Enter your budget amounts. If you need any tips, see Working with budgets. As you enter these amounts the GST Movement section automatically updates and the GST clearing account you chose at step 6 shows the amount of GST payable or refundable for your reporting periods.
New Zealand only. To enter GST on imports, you need to enter amounts for the 2-1240 GST Input Tax Adjustments account. 100% of these amounts will be automatically added to the GST Paid account (or, if you don't have a GST Paid account, the GST Balance account).
How to overwrite calculated GST
You can overwrite the calculated GST values in a budget – for example, to enter balance sheet account tax amounts.
To do this, you need to deselect the Auto calculate option. Your previous GST calculations are retained, but the GST Movement section becomes editable.