We are no longer registered for GST, however we were for the 1st Quarter of 23/24. DO i change the GST rate now to 0%, and if I do what happens to past transactions for this current FY?
Hi @j.dg4CFMComm, there are a few ways you could go about this.
If you change the GST rate to 0% for sales you will still have GST columns in your money in/ money out, but it will have no effect on past transactions. If you chose to turn off GST registration from the business this will remove all the GST columns in the file and will impact past transactions.
Another solution would be to create a new bank account and remove the GST from the columns, this way would allow you to be able to have the past GST transactions shown and be able to move forward without showing GST.
Please dont hesitate to reach out if you need more assistance with this or any other questions you may have!
Alex, I changed the GST rate in OPTIONS to 0% but it has now changed ALL my past transactions. Help.
Hi @j.dg4CFMComm, if you switch the GST rate back to 10% it will correct the transactions.
yes, but how do I move forward? I cancelled our GST registration with the ATO from 1 October. Do I need to start a new set of books somehow?
Hello @j.dg4CFMComm, you can either create a new bank account and have the columns tax type set to ‘Non GST’, or you can take a backup of your file as is, label it ‘[Insert Business Name] - GST File’, and switch off the GST in the software.
The second option will change the prior transactions to Non GST, however this is why a backup can be taken beforehand so you can always restore that file and provide any necessary reports to your Accountant or the ATO that show the GST amounts.