Search

GST tracking sheet system helps to negotiate traps

OVERCOMING GST-posed problems has been made easier by A1 Advanced Office Systems systems development consultant Jenny John.

Ms John has developed a three disk spreadsheet program and paper tracking sheet system to help people overcome some of the problems posed by the new tax system.

The program helps companies monitor contract information pertaining to the transition period, motor vehicles, credit and partly creditable transactions and diesel fuel credits.

“I’ve been to a lot of seminars and listened to people’s concerns,” she said.

“A lot of people are concerned about losing money because they don’t understand what is required.”

Ms John developed the program from the GST Act and independent research findings.

She said developing the spreadsheet program on its own would not have been enough.

“A spreadsheet is not going to work if people don’t fill it in,” Ms John said.

So she developed a hard copy tracking sheet system.

The sheets are filled in as invoices and the like come in. All information required for the spreadsheet is kept in one place, saving a hunt through invoices and other paperwork to fill in the spreadsheet later.

“Some businesses are going to have to monitor some purchases for up to nineteen years,” Ms John said.

“The only way for businesses to get money back and avoid fines is to start monitoring now.

“I’m quite sure nobody cares what the GST will do to their company in ten years’ time. They are worried about what it will do now.

“But managers need to know what payments they will have to make in ten years.”

Ms John said her system would also help companies to forward price contracts.

“When forward pricing contracts, if a company has goods in stock before July 1 2000, they can get input tax credits,” she said. “This helps them plan purchases up to the GST introduction.”

Ms John assists companies with their administration systems.

“I look for loopholes and close them so money doesn’t flow out of the accounting system,” she said.

“I saved one company half a million dollars by putting in a system to monitor warranties on machinery it had put in overseas.

“I helped another company get $32,000 in Export Market Develop-ment Grants by putting in a system to give Austrade proper records,” she said.

Add your comment

BNIQ sponsored byECU School of Business and Law

Students

6th-Australian Institute of Management WA20,000
7th-Murdoch University16,584
8th-South Regional TAFE10,549
9th-Central Regional TAFE10,000
10th-The University of Notre Dame Australia6,708
47 tertiary education & training providers ranked by total number of students in WA

Number of Employees

BNiQ Disclaimer