Which Xero GST Tax Rate to Use for the Stamp Duty Part of an Asset Purchase
Have you purchased an asset for your business and you are wondering how GST works on the stamp duty you’ve paid?
And are you wondering how to account for the transaction in Xero so the correct information flows through to your BAS return?
Because stamp duty is outside of GST law, you need to make that no GST flows through to your Activity Statement for the stamp duty you have incurred on the asset you bought.
Check out our video to find out how to code your asset purchase in Xero to ensure the stamp duty portion of the transaction does not include GST.
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