NZ GST - Zero rated GST for asset accounts
At the moment Zero Rated GST can only be applied to Revenue items on the Chart of Accounts. When we deal with a property sale between GST registsred parties, the sale is also zero rated for GST purposes. We need the option to apply the 0% GST rate to asset codes as well as revenue codes. At the moment, we have to do a manual workaround.
Trudi Ballantyne
shared this idea
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Flynn O'Meara
commented
Land sales between GST registered entities are generally compulsorily Zero Rated. I guess this idea hasn't got many votes because we've been resigned to having to work around it for the last 10 years. It creates a hidden pitfall to the GST return process which is often performed by less technical staff; I've had to amend more than a few GST returns directly because of this. We must be able to assign the Zero Rated Tax Rate to Fixed Asset codes. This isn't a feature, it's a bug to be patched.
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Chrissy Angland
commented
Come on Xero - Zero rated asset sales have been a thing for ages now - sort it out
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Maressa Neal
commented
We have a number of zero rated property sales which are sold through the asset codes which do NOT have the zero rated GST option and therefore do not appear on the GST return correctly. Doing a fudge up workaround is not ideal particularly when it is not the agency filing the GST return. Very very frustrating and not an ideal product feature