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Seeking help please on how to enter the following insurance refund and the gst implications for BAS
$9935.00 Market value of asset
$ 38.50 Unexpired rego
Solved! Go to Solution.
Welcome to the MYOB Community Forum, I hope you find it a wealth of helpful information.
This is probably something best discussed with your accountant, as they will be able to advise you of how the journal entry should look when it is entered. Additionally, they will be able to discuss any GST and BAS implications of this transaction.
Please do feel free to post any other questions that you may have
Agree with Neil that it is best to talk with your Tax Accountant.
I would set up an Asset called Insurance Proceeds - 'Name of Asset'.
There would be a difference between the Insurance Proceeds ex GST and the Written Down Value.
Your Accountant would help with the Journal to clear the difference.
If there was no Asset eg water damage then you would have a Other Income Account.
The GST included in the Insurance Payout would be included in GST Collected on your BAS.