Google+
FREE Preview Training Get Support
Notice: MYOB has been re-branded as ABSS with effect from 1st Jan 2018.

Handling deposits in GST

For deposits received or paid, what is the treatment for GST?

Deposits paid/received can be broadly classified as either security deposits or advance payments.

If the deposit is for the future supply of goods or services this would be an advance payment. GST has to be computed on the amount.

On the other hand, if the deposit is refundable, then it is a security deposit and would therefore not incur GST.

 



Share on Twitter Share on Facebook
  RSS Feed for MYOB Accounting articles  

 |  Price List |  ABSS Payroll |  Free Preview |  MYOB AccountEdge |  How to buy |  Training |  Support |  Implementation |  ABSS Premier |  ABSS Accounting |  Free download | 

-

© 2012 DeltaTech Computer Systems & Solutions (SA0205092-A). All Rights Reserved.