GST and sales tax set-aside

What these numbers mean

• The big number is the tax to put aside each month: the tax inside your sales minus the tax you paid on purchases.
• Tax inside those sales is worked out from sales that already include tax at the rate you entered.
• Total ready by the due date is that monthly amount times the months in your tax period. It helps your cash flow.

Good to know

• This is general only and not tax advice. Rules, rates and what you can claim differ between countries and businesses.
• It assumes every sale is taxed at the one rate you type. Tax-free or exempt sales should be left out of the sales figure.
• Sales and purchases are treated as the same every month. If yours go up and down, use an average or run it month by month.
• This is a guide only, not a quote, an offer of finance, a borrowing limit or financial, legal or tax advice.

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