[Busmanagers] GST - Refund of Bond

[Greig, Christine A]

Hi Raelene

 

We code our hire of facilities bonds as GST free and then we refund them
as a sundry debtor payment in C21F as GST free. If there has been any
reason not to refund the whole amount then we have to calculate which
part has the GST treatment and the remainder is then refunded GST free.

 

regards

 

Chris

Chris Greig

Business Manager

Forest Hill College

Tel: 9814 9444  Fax: 9887 8126

 

________________________________

From: busmanagers-bounces at edulists.com.au
[mailto:busmanagers-bounces at edulists.com.au] On Behalf Of Scott,
Marianne L
Sent: Tuesday, 17 May 2005 12:35 PM
To: Business Managers' Mailing List
Subject: RE: [Busmanagers] GST - Refund of Bond

 

Hi Raelene

You would need to do same GST inclusive so that school is not out of
pocket. I think you would normally code it GST free as it could be
repaid and hence no GST implications. If the bond was withheld you would
then need to adjust it or BAS to send off to tax office once you know.

Marianne Scott

North Geelong Sec College

 

________________________________

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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