Tax payments or refund from Notice of Assessment

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Contributing Cover User Wolshaz
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Tax payments or refund from Notice of Assessment

I just need to know how I record Tax payments or refunds from my Notice of Assesment. Do I create a card or what account do I put it too.?  Please note, this question has nothing to do with GST or BAS

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Ultimate Partner GDay53
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Re: I just need to know how I record Tax payments or refunds from my Notice of Assesment. Do I create a card or what account do I put it too.? Please note, this question has nothing to do with GST or

@Wolshaz

 

To be able to answer your question at least with some possibility of getting it right we need more information.

Is this a Personal or a Business Tax Refund or Payment?

If Business is it a Soles Trader, Company, Partnership or Trust set up?

 

 

Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield

gday@firstclassaccounts.com
MYOB Certified Consultant
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Contributing Cover User Wolshaz
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Re: I just need to know how I record Tax payments or refunds from my Notice of Assesment. Do I create a card or what account do I put it too.? Please note, this question has nothing to do with GST or

Sorry, I am a bit of a rookie dummy.  This one is a payment, but I would also like to know what I do in the event of a refund. Trading as Sole Trader, I was under the impression that the Tax was all rolled under the business. The name and tax file number on the assessment notice is just mine, (the same as it alway has been, from back when I was paying payroll tax). I  make the payment from the business account. I am using AR basics. Thanks

Ultimate Partner GDay53
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Re: I just need to know how I record Tax payments or refunds from my Notice of Assesment. Do I create a card or what account do I put it too.? Please note, this question has nothing to do with GST or

@Wolshaz

 

As a Sole Trader any income you get from the business is treated as your personal income and as such not

necessarily part of the business accounts.

My accountant told me when I was trading as a Sole Trader to use a 9-xxxx account and record all Income Tax paymens and returns into that account, so as to have a record for him and he would look after them at tax time.

So I would suggest a payment would be a Spend Money transaction from the bank account to the 9-xxxx account, and a refund if you get one a Receive Money deposited to the Bank account from the 9-xxxx account.

 

Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield

gday@firstclassaccounts.com
MYOB Certified Consultant
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Contributing Cover User Wolshaz
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Re: I just need to know how I record Tax payments or refunds from my Notice of Assesment. Do I create a card or what account do I put it too.? Please note, this question has nothing to do with GST or

Thank you, great idea, I'll do that. 

Ultimate Partner Seattle
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Re: I just need to know how I record Tax payments or refunds from my Notice of Assesment. Do I create a card or what account do I put it too.? Please note, this question has nothing to do with GST or

@Wolshaz @GDay53

 

The ATO stopped issuing Notice of Assessment for Companies some years ago.

 

I understand you trade as a Sole Trader.

No Provision of Tax/Tax Refund Account is recorded for a Sole Trader.

 

Quite like Graeme idea of a 9 account.

 

With my clients, I post yearly ATO directly to Equity/Drawings as a personal transaction.

You may like to create a Card ATO Notice of Assessment.

 

You may need to pay PAYG - I by instalments, in which case you post to a Current Asset called PAYG-I.

Each Individual is issued a Pre-Filling Report after the end of the FY - it is continually updated as more information is received from Banks, Health Funds etc.  You should obtain a copy of your Pre-Filling Report from myTax or your Tax Accountant.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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