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GST TAX CODES TO BE USED IN MYOB and QUICKBOOKS.
SALES G1      GST GST Purchases G11      GST                           NCG Capital Aquisitions G10      GCA     CAG GST Free Sales  G1 and G3        FRE     FRE GST Free Purchases G11 and G14   FRE  NCF Wages, Leave Blank                                                    Leave blank Super            N-T      Leave Blank Non business expenses       N-T     Leave Blank Purchase of shares       N-T     Leave Blank Sale of Shares       N-T            Leave Blank      Dividends Received                              N-T                                      Leave Blank Bank Interest Received G1 & G4 ITS        INS Bank Interest Paid FRE NCF Rates and Taxes G11 and G14 FRE NCF Residential Properties Rent G1 & G4        ITS        INS Expenses G11 & G13   INP NCI  Overseas Purchases G11 and G14 FRE NCF Except when charged by Customs and then there will be GST Generally GST is claimed on Insurance premiums other than Life Insurance and Medical Insurance. there is no GST on the Stamp Duty proportion Workers Compensation Premiums have GST but no stamp duty. refer http://www.ato.gov.au/Business/GST/In-detail/Your-industry/Financial-services-and-insurance/GST-and- insurance-transactions---completing-your-activity-statement/?page=5
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