GST: Set Tax Year & Longer Period Adjustment

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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 GST Returns 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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Note:
You can direct set the tax year without delete/purge the GST Returns.

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


GST Returns (LPA)

[GST | New GST Return...] or [GST | Open GST Return...]

1. Process the GST Return.For example, process the Second Taxable Period (01/02/2017 - 28/02/2017).
2. LPA will tick automatically.(if you have set the tax year)
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3. Suggested period to be adjusted for LPA.
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Note:
User allow to overwrite the suggested period for Longer Period.
4. You can insert the LPA Date From and LPA Date To columns to check.
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GST Listing - Mixed Supply (LPA)

[GST | Print GST Listing...]
Longer Period Adjustment (LPA)

1. Select the Date From and Date To (eg. the financial year is 01/01/2016 - 31/12/2016).
2. Click Apply.
3. Click Preview.
4. Select the report name : GST Detail 4 - Mixed Supplies.
5. Press Ok.
Page 1: GST Listing 4 - Mixed Supplies
Partial Exempt-08 1.jpg


Page 2: GST Listing 4 - Mixed Supplies
Partial Exempt-08 2.jpg


See also