Glossary of Terms

G

Gross Domestic Product

A measurement (in dollars) of the goods produced and services provided within an economy over a 12-month period, excluding income earned outside the country.

Growth

The returns from investments over and above the rate of inflation.

Growth Assets

Assets such as shares and property that may deliver higher long-term returns than conservative assets.

Goods and Service Tax (GST)

A tax imposed by the Australian Federal Government on most goods and services purchased, currently at the rate of 10%. The tax is paid by the purchaser and should generally be included in the quoted price. Businesses registered for GST (including superannuation funds) must submit regular returns stating the amount of GST collected and the amount of GST paid on purchases, and submit payment or claim refund of the difference between total GST collected and total GST paid in a particular period (usually a month or year, depending on business size).

As at January 2017, Mclowd does not handle GST automatically. For specific instructions on entering the GST component of expenses and receipts, and processing end of period GST obligations, please refer to Sections 5.1.1, 5.1.2, 6.1.1, 9.3.1, 9.3.3, 9.5.1, 9.5.2, and 9.5.3 in the Mclowd User Manual. Also refer to Section 9.5 ACCOUNT MAINTENANCE: JOURNAL ENTRIES – WORKING EXAMPLES. This section provides several working examples illustrating the method of recording GST and processing returns.

Note: Automated GST handling is a priority feature to be implemented in future release of Mclowd.

 


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about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding.
Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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