GST and Tax

Income Tax Calculation Worksheet Setup & Use This report has been designed to produce a worksheet to assist you, or your tax agent to complete an Income Tax Return for your owners corporations. In many cases the tax year for an owners corpora...

Set up a GST Creditor and Paying GST Summary This article guides you to setting up a GST creditor and then making cheque or electronic payments of GST and income tax. The articles covers - Linking the Creditor Checking and Updating the G...

Pay Income Tax in Strata Master If a Strata Plan is registered to pay income Tax, you will have a Tax File Number entered on the Corp screen in the Financial Tab. You will then be required to pay income tax once the Tax Assessment has been complete...

Pay GST Component Only of an Invoice in Strata Master Where there is a large insurance claim such as a Home Warranty Defect settlement, often the insurance company will pay the contractor directly.   This will result in the Agency being required t...

BAS Report - Reconciliation of GST Control in Strata Master When BAS returns are prepared for each corporation the Reconciliation or Confirmation table at the foot of the BAS report should be checked and differences should be identified and corre...

Receipt a GST Refund in Strata Master After your business has lodged the BAS return figures for your Plans (also known as Body Corporate, and a number of other terms) with the Taxation office, you may receive a refund of gst for one or more of the ...

Making a Plan GST Registered in Strata Master This instruction assumes that the Plan is currently not registered for GST and that the Owners Corporation has requested registration effective from a set date. At the bottom of this article is a note r...

GST On Opening Balances in Strata Master VERY IMPORTANT NOTE -  GST on opening balances only affects Plans that are GST registered, so prior to entering Opening Balances ensure that you have the correct setting in the Corp screen > Financial T...

Journals to Correct GST on Receipts in Strata Master When funds have been receipted with the incorrect GST component it will be necessary to create two journal entries to correct this transaction.   Note that this article only relates to Owners Co...

Journals to Correct GST on Payments in Strata Master Note that the Correction is made to the invoice transaction and NOT the Payment . The process of making the payment is the second part of paying a creditor and does not include any details of th...

GST Payment When One Fund is a Refund and One Fund is a Payment in Strata Master This article will assist you when you have a payment to make to the Taxation Office for GST but either the Admin Fund or the Sinking Fund is a refund. The figures ...

Correct a BAS Difference of Equal Amount in Admin and Capital Works in Strata Master Summary Learn how to correct a BAS difference where the Admin and Capital works differences are the same amount, but one figure is a positive, without...

Understanding First BAS After Opening Balances in Strata Master Summary This article clarifies how GST is recorded in Strata Master when entering GST in opening balances, and how that affects the first BAS report. Topics discussed in this ...

Deregistering a GST Registered Plan in Strata Master Summary Learn how to change the GST status of a Strata Plan when there are already transactions entered under a date which would be classified as a different GST status. For example, if levies...