[Busmanagers] GST - Refund of Bond

[Clark, Raelene V]

Thank you Linda.
 
I also saw the notation in the Transaction Analysis - but it seemed to
relate to the school paying the bond, rather than the bond being paid to
the school.  However, I guess the theory is the same.  I obviously will
have to do some adjustments to other bonds that have been receipted and
create a new charge type just for the bond so that it can be "N" whereas
Hire of Facilities is "I".
 
I appreciate the help.  I have only just joined this group and the
information that flows is very interesting to read - I have created a
new folder just for these emails, so I can save them and refer back at a
later date.
 
Regards,
 
Raelene 
Raelene Clark
Business Manager
Bayswater Primary School
9721 3755

________________________________

From: busmanagers-bounces at edulists.com.au
[mailto:busmanagers-bounces at edulists.com.au] On Behalf Of Campbell,
Linda C
Sent: Tuesday, 17 May 2005 12:04 PM
To: Business Managers' Mailing List
Subject: RE: [Busmanagers] GST - Refund of Bond



Hi Raelene,

According to the old "Transaction analysis for a sample school" put out
by DET when the GST was implemented, Bonds should be coded 'N' out of
scope.

"A deposit held as security for the performance of an obligation is not
treated as consideration for a supply. Therefore, upon recovering the
bond paid the school would not be required to account for GST."

 

This can also be true for deposits for camps etc.

I emailed Jeff Crosbie some time ago, and the information I got from him
was:

"The camp company is correct in not charging GST on the camp deposit.
The procedure that you need to follow is:

*	Pay the deposit using N (out of scope) 
*	When you receive the final invoice for the camp, you need to do
a credit note for the deposit (also using code N) and make sure you do
not attach the credit note to an invoice. 
*	Then pay the full total amount of the camp using I (inclusive). 

 

Hope this helps

Linda :-)

 

Linda Campbell

Business Manager

Montrose Primary School

________________________________

From: busmanagers-bounces at edulists.com.au
[mailto:busmanagers-bounces at edulists.com.au] On Behalf Of Clark, Raelene
V
Sent: Tuesday, 17 May 2005 11:41 AM
To: busmanagers at edulists.com.au
Subject: [Busmanagers] GST - Refund of Bond

 

Hi everyone,

 

Can you tell me the correct GST treatment when refunding a bond
following the hire of facilities.  I have receipted the bond as GST
inclusive - is this correct?

 

Raelene 

Raelene Clark

Business Manager

Bayswater Primary School

9721 3755

 

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