If you are receiving rental income on which GST is charged, you should have selected YES in the Enable GST field in the Fund Details. (Refer to Automated GST Management)
Follow the steps in Rent Income from Property to enter rental income and expenses, but note that Mclowd will automatically calculate the GST on both income and expenses.
Enter the GROSS income, including GST.
An additional field will be displayed in which the calculated GST amount will show. Mclowd will calculate 1/11th of the rent received.
Additional fields will be displayed in the Expense rows.
Some expenses are non-creditable (i.e. GST cannot be claimed) and on some expenses, you are only permitted to claim 75% of the expense.
You will therefore need to select the GST CLASSIFICATION for each expense from the drop-down selection list provided.
Enter a Description of the expense and the GROSS expense amount (including GST). Mclowd will calculate and display the GST.
Continue entering expenses as necessary. Mclowd will calculate the total GROSS expenses and Total GST, clicking ADD ANOTHER ITEM to add expense rows.
When you are done, SAVE INCOME or SAVE AND ADD ANOTHER.