GST: Set Tax Year & Longer Period Adjustment

From eStream Software

Introduction

To set the tax year and longer period adjustment (LPA).

Set Tax Year

[GST | Open GST Return...]

1. Highlight the final taxable period to be set as your First Tax Year, eg. final taxable period 01 Dec - 31 Dec 2016.
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2. Double click on the highlight in step 1.
3. System will prompt you a dialog box.
4. Tick on the Tax Year to set a tax year point. See the screenshot below.
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5. Click Save.
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6. You can insert a column Tax Year, eg. Tax Year point set at 31 Dec 2016.
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Longer Period Adjustment

Declaration of annual adjustment amount:
• Regulation 43 – in a GST Return for the second taxable period next following the longer period.
For example,
Assumed the tax year set on 31 Dec 2016, LPA should be declared in:
1) For monthly taxable period , the second taxable period is Feb 2017 and the submission is before or on 31/3/2017
2) For quarterly taxable period, the second taxable period is Apr-Jun 2017 and the submission is before or on 31/7/2017


Open GST Returns

1. Process GST Return as usual.
2. For example, process the Second Taxable Period (01/02/2017 - 28/02/2017).
3. LPA will tick automatically.
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4. Suggested period to be adjusted for LPA.
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Note:
User allow to overwrite the suggested period for LPA.
5. You can insert the columns, ie LPA Date From and LPA Date To.
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See also