Wine Wholesalers & Wine Equalisation Tax (WET)
WET is a tricky area of taxation which usually requires assistance from an accounting advisor to set up in your MYOB software.
Click here to see Guidance from MYOB on how to setup your MYOB file to correctly account for this using a Consolidated Tax Code. Click here for guidance from the ATO on WET tax.
BI4Cloud, when running on Account Right Live data (MYOB v 2016.x and above), is only able to report correctly on Item Sales invoices that use a Consolidated Tax Code (like GW) where the Sales Invoice is NOT marked as Tax Inclusive.
If you use a Consolidated Tax code we recommend you:
- Enter Sales Invoices with the Tax Inclusive box NOT TICKED
- If Sales have already been entered with the Tax Inclusive box Ticked, simply untick the box and save (MYOB will recalculate the numbers for you to be tax exclusive and show the gst as a total at the bottom of the invoice)
- Check each month to ensure NO invoices remain as Tax Inclusive (see below how to setup a BI4Cloud report to identify any invoices marked as Tax Inclusive)
- Run the Favourite Report: Sales Item - Margin By Customer
- Change Date Range to This Month, Last month etc
- Change Analyse by dimension from Customer to Invoice Detail (this will then show each invoice as a separate Row)
- Click Filter (Blue Funnel)
- Scroll down to IsTaxInclusive
- Select Y
- Click Done to run the report
- Save this as a New Favourite
- If using the Enterprise Version of BI4Cloud schedule this to email to yourself weekly, or monthly. This will create an Alert to warn you if there are Invoices marked as Tax Inclusive, if there are none then you won't be sent an email.
If you currently run MYOB Classic this is not an issue as we are able to extract separately the correct GST, WET tax and the Tax Inclusive Sales revenue needed to produce our Sales Reports.
If at some time in the future you do upgrade to the newer AccountRight 2016/2017 version then please refer to this article then.