Note also that the Small Supplier GST registration rule doesn't apply to all types of businesses; taxi and limousine operators, for instance, must always register for the GST.But even if your business does qualify as a GST Small Supplier and you don't have to, you will probably want to register for the GST anyway.The Canada Revenue Agency defines a GST Small Supplier as a sole proprietor, partnership, or corporation whose total taxable revenues before expenses are ,000 or less annually.
These are assigned to accounts and customers, and are the basis on which the GST is calculated for a particular transaction. When you create a general ledger account, you will associate a tax code with it.
When you enter a transaction and use that account, the tax code is used to calculate the GST component for that part of the transaction.
Consider for example the case of a vehicle taken in for repair.
For simplicity we’ll use the Australian GST rate of 10% in this example.
When you export (or import) goods you will need to override the tax code in the transaction entry—this can be done automatically by setting an override code in the Name record — see .
When you are due to prepare your return, you print the GST Report.Edit This section discusses GST and VAT, and is also applicable to HST and QST in Canada.For simplicity in this section, we will just refer to GST (but unless otherwise stated, this also means VAT, QST or HST).If you are registered for GST you will be required to send in a return to the Government on a regular basis—we term this the GST cycle.In Australia this return is called the Business Activity Statement (BAS) and is sent to the ATO; in New Zealand it is referred to as the GST Return and is sent to the IRD; in Canada you send your GST/HST Return to the CRA.Note: If you are in a country that uses VAT, Money Works will display “VAT” instead of “GST”.