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Automatically calculating GST in a budget

You can automatically track the expected GST liability for your business based on the budget values you enter. This can help you plan your tax compliance and avoid nasty surprises from the ATO or Inland Revenue.

Depending on your reporting frequency, you'll get an estimate of GST payable or refundable in the GST Movement section of the budget.

Projected GST payments in a budget

Depending on when you created your MYOB business, the GST Movement section will display either separate GST Paid and GST Collected accounts or a combined GST Balance account.




How to use it

To automatically calculate GST in your budget, you need to select an option to turn it on, check your GST report settings and choose a GST clearing account.

When you enter your budget amounts, your GST liability is automatically calculated.


How to overwrite calculated GST

You can overwrite the calculated GST values in a budget – for example, to enter balance sheet account tax amounts.

To do this, you need to deselect the Auto calculate option. Your previous GST calculations are retained, but the GST Movement section becomes editable.