I have set up a tax code with a percentage value (tax rate) of less than 10%. Why can’t I select it in BASlink?
Tax codes set up with a tax value of less than 10% cannot be selected in the Setup area of BASlink for the G fields. An example of where the GST rate is less than 10% is long-term accommodation in commercial residential premises. GST is charged at the effective rate of 5.5%. In these circumstances, do not set up a tax code with the rate of 5.5%. The ATO have stipulated that in these circumstances, the amount to be shown at G11 on the BAS is the GST shown on the tax invoice multiplied by eleven, instead of the amount actually charged for the accommodation. This of course has implications for the way purchases/cheques are entered. Example A businessman receives a tax invoice for $1,000 (GST-exclusive) for long-term accommodation expenses. The GST he is charged is therefore 5.5% x $1,000 = $55, and the total inclusive value of the invoice is $1,055. If this transaction is entered as a purchase or cheque, you would enter the first line as 11 x $55 = $555 with a GST tax code (assumes inclus
