Creating Tax Codes - Australia

Tax codes determine how much tax is paid on each transaction line item. From your transactions, NetSuite automatically calculates the tax amounts that appear in each box of the Business Activity Statement (BAS). The following table describes the standard tax codes provided by NetSuite for Australia. The last column indicates the boxes on the BAS where the tax amounts are shown.

The tax codes for Australia are already provided by NetSuite. See Australia Tax Codes.

If you need to create a new tax code, do the following steps.

To create a tax code:

1. Go to Setup > Accounting > Taxes > Tax Codes > New.

2. In the Tax Code field, enter a name or abbreviation for this tax code.

   This code appears in the Tax Code column on transactions.

3. In the Description field, enter a description for this tax code.

4. In the Rate field, enter the tax percentage that is charged on an item with this tax code.

5. In the Effective From field, enter the date this tax code first goes into effect.

6. In the Valid Until field, enter the last date this tax code is in effect.

7. In the Tax Agency field, select the tax agency that this tax is paid to.

   You can set up vendor records for tax agencies. For more information, see Setting Up Tax Agencies as Vendors.

8. In the Tax Type field, select the tax type for this tax code.

   When you select a tax type, the tax control accounts for this tax type appear in the Purchase Tax Account and Sales Tax Account fields. You can create new tax types at Setup > Accounting > Taxes > Tax Types ( Administrator ). For more information about Tax Types, see Tax Types Overview.

9. In the Available On field, select the types of transactions that this tax code can be applied to.

10. Check the appropriate tax properties:

    • Exempt – to indicate that whatever this code applies to is exempt from tax

    • Default Code – if you want this tax code to be selected by default on transactions

    • Export – if this tax code is used for international sales

    • Exclude From GST Reports – if you do not want this tax code to appear on reports

11. Check the Inactive box if you want to inactivate this tax code. Inactive tax codes do not show in lists on transactions and records.

12. Click Save.

Related Topics

• Setting Tax Preferences for Australia
• Australia Tax Codes
• Using Wine Equalization Tax (WET)
• Accounting for Goods and Services Tax (GST) - Australia
• Setting Up Your Business Activity Statement
• Viewing Australian Goods and Services Tax (GST) Reports
• Australia Tax Topics
• Australia Payment Formats
• Shipping Integration with Australia Post
• Setting Up Australia-specific Preferences
• Australia Account Setup

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