Check Tax Setups

Before creating your budget (either Full or Quick), it is essential that the tax setups have been activated to ensure the taxes flow through to your budget. You will need to activate the taxes in the budgets for GST, Fuel Tax Rebate and Instalment Tax (optional and only under the advice of your accountant). For instructions, watch 

• Getting Started 3 – GST Setup
• Getting Started 5 – Fuel Tax Rebate Setup

How to activate the tax setup for GST 

1. From the Home Page, click Setup & Tools
   
2. Click Cashbook Setup
   
3. Click Tax
   
4. Click Setup GST
   
5. The GST Setup window will display 

   

              
   • Under the Activation section, the Activate GST in Cashbook will be ticked as this has already been done at the initial setup stage. Leave as is. Insert a tick in the Activate GST in Budgets check box as shown above

 How to activate the tax setup for Fuel Tax Rebate 

1. From the Home Page, click Setup & Tools
   
2. Click Cashbook Setup
   
3. Click Tax
   
4. Click Setup Fuel Tax Rebate
   
5. The Fuel Tax Credit Setup window will display

    

   • Under the Activation section, the Activate in budget will be ticked as this has already been done at the initial setup stage. Leave as is. Insert a tick in the Activate in budgets check box as shown above 

How to activate the Tax Setup for Instalment Tax 

1. From the Home Page, click Setup & Tools
   
2. Click Cashbook Setup
   
3. Click Tax
   
4. Click Setup Instalment Tax
   
5. The Instalment Tax Setup window will display. Click the Activate Instalment Tax in Budgets check box and then click Setup Budget Instalment Tax button  
6. The Budget PAYG Installable Tax Setup window will display
   • Enter the tax rates for the given years. Check with your accountant for the applicable rate
   • Click the black X 
7. This will take you back to the previous window, the Instalment Tax Setup window
   • Click the Activate Instalment Tax in Cashbook check box
   • Then click Setup Cashbook Instalment Tax button 
8. The Instalment Tax Entities window will display  
   • Enter the name of each tax entity followed by its Tax File Number and current tax rate
   • Click Next
9. The Instalment Tax Entity Setup window will display.

In the sample screenshot captured above, the Gross income has been calculated from the receipt of the cashbook excluding GST for one year ($182,363.63). This income is 100% taxable. (Taxable income is $182,363.63).