Can you possibly explain when an item is N-T and when it is FRE?
In the questions on p33, it has “loan repayment”, but I can’t see this listed anywhere. I can see on the answers that it is N-T, but can’t find any list of N-T supplies.
In the questions there is also “overseas postage for parcel sent overseas”, and I can find “international mail” on page 31 in GST free, but in the answers it says “N-T”.
N-T in MYOB stands for no tax, it is for BAS excluded or out of GST scope items (supplies/items outside of the GST system).
Where as FRE in MYOB stands for GST free, GST free items are re-portable/in the GST scope for BAS (Business Activity Statement) but are not subject to the 10% GST tax rate, they are 0%.
For more information on the above available links;
I have just seen this also, whilst listening to the online classroom presentation.
Page 33 is asking what Tax Code is used for “Overseas postage for parcel sent overseas”. The answer in the book is NT, but the classroom presentation says it’s FRE.
Which one is it? I am presuming FRE.
Just wanting to flag that the answer in the manual for the tax code for overseas postage still needs to be updated. As you said above, it’s supposed to be FRE but the solution to question on page 33 state its N-T.
I think like may doing this course, identifying what is FRE or N-T can sometimes be confusing with conflicting feedback across forums, even the MYOB support forums and especially when it’s across course material.
It has already been corrected in the current electronic copy, the current version has FRE.
In FNSBKG404 which is the unit cover GST and Tax codes page 37 types of supplies also covers this item which you can refer to. Tax code use can vary depending on the nature of supply itself, that is why its important to have source and supporting documentation.
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