Reporting GST Turnover

A number of clients have asked if they could produce a one month GST Turnover Report for their JobKeeper requirements.

Jobkeeper Report

The Problem

We have had a number of clients call us asking if they could produce just one month GST report so that they could report GST turnover for their Jobkeeper requirements. In fact, looking at what is required to report this GST turnover, the term GST in the request is quite misleading.

Reference

The ATO tells us how to work out your GST Turnover:

Your GST turnover is your total business income (not your profit), minus any:

  • GST included in sales to your customers
  • sales that aren't for payment and aren't taxable
  • sales not connected with an enterprise you run
  • input-taxed sales you make
  • sales not connected with Australia.

Phoenix Solution

To report this in Phoenix, we need to report all income from all income categories of taxable supplies and GST free supplies. To make it easy to report this in Phoenix, set up a category group called GST Turnover, and allocate all appropriate income categories to that group.

Step 1

In the Category Setup window, click the Groups tab and enter ‘GST Turnover’ into any blank space available.

Step 2

Click back on the Enter/Edit tab then one at a time, select all categories that are for Taxable and GST Free incomes and tick the GST Turnover box in the Groups area.

Step 3

Run an Income and Expenditure Report for the period that you require. Select all accounts where income would be recorded, and Accrual or Cash basis according to your reporting requirements. Select your required period, all enterprises and just the GST Turnover group. In the options window, select GST Exclusive.

 

Important Information regarding JobKeeper payments

You need to make a monthly business declaration to re-confirm your business and employee eligibility by the 7th day of the month.  The ATO has extended the due date for entities reporting April current GST turnover and May projected GST turnover to 31 May 2020.  You are encouraged to read the relevant ATO JobKeeper guide.