MROB

Question 1

GST?

Answer 1

general tax of 10% on most goods, services, and other items sold or consumed in Aus

Question 2

FRE?

Answer 2

GST Free

sales GST-free sales other than export sales, e.g. fresh food purchases, medical services and products, education

Question 3

EXP

Answer 3

Export sales

used when exporting foods GST free

Question 4

CAP

Answer 4

Capital purchase

amounts paid for capital assets, such as PPE, land and building

Question 5

INP

Answer 5

Input taxed purchases
used for purchase input taxed supplies, or supplies no GST added to final purchase price such as residential rent or unit trusts

Question 6

ITS

Answer 6

Input Taxed sales
Used for the sale of input taxed supplies, or supplies that don’t include GST in the sale price, such as financial supplies, interest income and residential income

Question 7

N-T

Answer 7

No Tax

Used to record sales that carry no GST, such as depreciation and cash transfers.

Question 8

GNR

Answer 8

GST Not registered

Used to record purchases from suppliers who have an ABN but are not registered to collect GST