BAS question

x'ing

Member
Hi guys,

I paid my registration 3 weeks ago. Am I suppose to include this in my gst calculation for this quarter. If so, do I put down the full amount $780.xx (or work out the cost for 3 months )
 

ScottieB

Active Member
You need to run a log book for min 3 months which will then prove your Uber usage, then work out the GST
 

MyRedUber

Well-Known Member
You're entitled to claim the GST component as a deduction against your GST liability in the quarter in which you spent the money.
But, you're only permitted to claim a percentage of that GST component equal to the percentage of your total Km that was for business purposes.
 

x'ing

Member
  • Thread Starter Thread Starter
  • #4
You're entitled to claim the GST component as a deduction against your GST liability in the quarter in which you spent the money.
But, you're only permitted to claim a percentage of that GST component equal to the percentage of your total Km that was for business purposes.
Rhs
 

Graham J

Well-Known Member
I think Scottie and MyRedUber made the point that you must firstly determine your percentage of business/personal usage which needs 12 weeks of maintaining a logbook. So rego is an interesting one because there is both a GST and a non GST component. Best explained by an example: Let's say your prorata business/personal is 80% which you will determine from your logbook in 12 weeks time. Now using my last rego statement the total cost was Registration Fee $270.40, TAC Charge $396 and Insurance Duty $39.60 making a grand total of $706. BUT the only component of that charge that carried GST was the TAC charge of $396.

So breaking that down

ex GST expenses 0.8*(270.40 + 396/1.1 + 39.60) = $536. This amount is the expense which you can claim as expenditure against revenue

GST inclusive expense is 0.8 * 396 = $316.80

So on your BAS statement you can claim $316.80 / 11 = $28.80 as a GST credit (1B GST on Expenses) and this is claimed wholly in the quarter in which you incurred the expense

Hope this makes sense?
 

x'ing

Member
  • Thread Starter Thread Starter
  • #7
I did not realise component of the registration does not include gst. Thanks for pointing that out. I only use the car for uber.
 

Graham J

Well-Known Member
You're welcome! You'll also see that on your insurance premiums where some parts are GST exempt. If your car is exclusively for Uber then your prorata obviously becomes 100%. Using a simple spreadsheet a typical bookkeeping entry for your expenses might look like this (based on 80% prorata)
upload_2016-7-24_21-2-2.png
 
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