The Tax Summary provides a simple overview of your GST position throughout the budget period, helping you understand how much GST you owe or expect to receive as a refund at any point in time.
The Tax Summary is located within the Budget Grid and contains the GST Summary, which displays your running GST balance and scheduled GST returns across the budget period.
1. GST Summary overview
Under Tax Summary, expand GST Summary to view the GST details.
The GST Summary contains two rows:
GST Owed or Payable
GST Return Owed or Payable
2. GST Owed or Payable
The GST Owed or Payable row displays the running GST balance for your budget.
The first value shown is your Opening Balance, which is configured in the GST Settings when the budget is created, or updated later if required.
As income and expenses are budgeted throughout the year, the running GST balance is automatically updated each month to reflect your cumulative GST position.
3. GST Return Owed or Payable
The GST Return Owed or Payable row represents the GST payment or refund from your previous GST reporting period.
The month in which this amount appears is determined by the GST reporting frequency configured in your GST Settings.
When a GST return is processed, the amount is applied to your running GST balance, providing an accurate view of your ongoing GST obligations throughout the budget.
4. Understanding your GST position
The GST Summary combines your running GST balance with your scheduled GST returns to provide a clear picture of your expected GST position throughout the budget period.
GST Owed or Payable displays your cumulative GST balance based on the income and expenses budgeted to date.
GST Return Owed or Payable displays the GST payment or refund that is expected to be processed according to your selected GST reporting frequency.
Together, these rows help you understand:
Your current GST position throughout the budget.
When GST payments or refunds are expected to occur.
The impact of GST on your projected cashflow.
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