Tax Rate

Consumption taxes, such as GST and VAT, can have a material impact on forecast cash flow, so it’s essential to set them up the right way, from the start.

Castaway includes a range of flexible settings to help you model the calculation and payment of your Tax.

Accessing the Tax Rate

To access the Taxes setup, navigate to Overview > Taxes > Edit.

This is configured when you create a project.


Setting up Tax Rates

Setting up your Tax in Castaway involves 3 steps:

  1. Set the standard rate and calculation method
  2. Set the lodgement and payment timings
  3. Set the Tax Rate for each element

Set the standard rate and calculation method

First, choose between the following:

  • Invoice (default): Tax Liability is recognised based on invoice timing, not payment
  • Cash: Tax is accrued based on invoice timing, but Tax Liability is recognised based on payment timing

Then, set the GST/VAT rate for Sales and Purchases.

Note: This rate will be applied to every NEW element by default and can be adjusted for each individual element separately as well.

Set the lodgement and payment timings

To access the settings associated with your Taxes e.g. lodgement and payment timings (which affect your Cashflow projections), navigate to Forecast > Element Settings > Balance Sheet > Current Liabilities > GST/VAT.

Select either of the GST/VAT elements to launch its settings screen. 


GST VAT Settings.png

Here, you can control settings for:

  • How frequently GST/VAT returns are lodged to the relevant revenue authority (e.g. ATO or HMRC)
  • The timing of payments or refunds arising from those returns
GST Clearing

This setting is only available if the Cash-based Calculation method was set from the Forecast Overview screen. By changing the setting to Yes, a separate GST Clearing line will appear in your Actuals data workspace, allowing you to input your clearing values there.

Lodgment Method
  1. Calculate: Castaway will Calculate the amount owing or refundable for each Tax return
  2. Manual: Enter the values of each Tax Return yourself
Lodgment Cycle Set the frequency of your Tax Returns
Cycle End Month Select the month that is the end of your lodgment cycle.

Note: This is the month your return cycle ends, which may be different from the month when you actually lodge the return and pay the amount owing or receive the amount refundable

Cashflow Use Days Credit to specify payment terms for each return to be lodged



Country Australia New Zealand United Kingdom
Lodgement Schedule Quarterly 2 Monthly (odd cycle) Quarterly
Cycle End Month (choose any of the listed months) Mar, Jun, Sep, Dec Jan, Mar, May, Jul, Sep, Nov As appropriate
Cashflow timing Generally 28 days but 58 days for Dec Generally 28 days but 45 days for Nov and 36 days for Mar 37 days

Set the Tax Rate for each Element

Tax Rates apply to 7 types of elements in Castaway:

  1. Sales
  2. Costs
  3. Inventory
  4. Provisions
  5. Other Asset/Liability
  6. Fixed Assets (Tangible)
  7. Fixed Assets (Intangible)

If you identify any elements that need a rate that is different from the Standard rate, you can go into the Element Settings of each affected element and edit the rate accordingly.


GST Rate settings in element.png