What is GST Return Runs - Australia in SAP SRD-FIN-TAX - FIN-Tax Management?

SAP Term: GST Return Runs - Australia

• Component: SRD-FIN-TAX

• Component Name: FIN-Tax Management

• Description: A work center view that allows you to create the GST Returns for Australia.

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• Key Concepts: 
  GST Return Runs are a feature of the SAP SRD-FIN-TAX FIN-Tax Management component. This feature allows users to generate and submit Goods and Services Tax (GST) returns to the Australian Taxation Office (ATO). The GST Return Runs feature is used to calculate the GST payable or refundable for a given period, based on the GST transactions that have been recorded in the system. 
  
  How to use it: 
  To use the GST Return Runs feature, users must first configure the system to meet their specific requirements. This includes setting up the GST tax codes, assigning them to relevant accounts, and setting up the GST return run parameters. Once this is done, users can generate a GST return run by entering the relevant period and selecting the appropriate tax code. The system will then calculate the GST payable or refundable for that period. 
  
  Tips & Tricks: 
  When configuring the system for GST Return Runs, it is important to ensure that all relevant accounts are assigned to the correct tax codes. This will ensure that all transactions are correctly accounted for when calculating the GST payable or refundable. Additionally, it is important to ensure that all transactions are correctly recorded in the system before generating a GST return run. 
  
  Related Information: 
  For more information on how to configure and use the GST Return Runs feature in SAP SRD-FIN-TAX FIN-Tax Management, please refer to SAP Help documentation. Additionally, further information on Goods and Services Tax (GST) in Australia can be found on the Australian Taxation Office website.