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Kezp99
Posts: 2
Registered: ‎31-05-2011
Australia
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How to record ASIC payment?

Hi,

 

I'm hoping this is a simple question :smileyhappy:  I'm using AccountRight Plus v19.5.  My accountant has looked at my file as a pre-tax planning session and suggested a few changes I make to how I've recorded things.  She mentioned that my ASIC payment needs to be recorded under "Filing Fees".  I assumed this to be an account name, but I don't see one.  Should it be, and if so, what account number is generally used? 

 

If that's not what she meant, how should I record it?

 

Thanks,

Kerrie

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Ultimate Partner
Julie_A_C
Posts: 2,619
Registered: ‎07-09-2010
Australia
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Re: How to record ASIC payment?

She wants you to create a separate expense account called Filing Fees, the coding will be no Tax.

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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Contributing Partner
Kamara_Wagstaff
Posts: 5
Registered: ‎29-03-2007
Australia
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Re: How to record ASIC payment?

Hey there Kerrie

 

Just to avoid possible confusion the code for this particular expense type and transactions is FRE  (meaning that it is a GST free item, but it is reportable for BAS purposes)

 

Not to be confused with N-T which are non GST items and non reportable on the BAS and most of the time non claimable like fines or Transfers from one account to another.

 

Hope this is helpful

 

Kamara

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Super Partner
Marilyn
Posts: 848
Registered: ‎11-01-2007
Australia
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Re: How to record ASIC payment?

Hi Kerrie

 

I agree with Kamara regarding the tax code FRE for ASIC fees and I usually have an expense account for Filing Fees

 

Cheers

MARILYN AMESBURY
Amesbury Consulting
MYOB Certified Consultant
MYOB Accredited Trainer
Certificate IV Assessment Workplace & Training
Phone & Fax:: 02 9773 1411
Mobile: 0408 73 1411
Milperra NSW 2214
Email: marilyn@amesburyconsulting.com.au
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Contributing User
nimo
Posts: 155
Registered: ‎20-08-2010
Australia
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Re: How to record ASIC payment?

Hi All,

 

In our books, i have recorded the ASIC payment as Legal Fees (6****) and the code is FRE.

 

Monica

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Julie_A_C
Posts: 2,619
Registered: ‎07-09-2010
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Re: How to record ASIC payment?

Hi Monica

 

The ASIC fee is not a legal fee, and I would assume having put it there you have most probably coded it GST.

 

There is no GST on the filing fee, and while MYOB does not make any allowance in their tax codes for things that have no tax, most people use the GST free code, (which is really incorrect, as there are specific items that are classified GST Free and this is not one of them).  So unless you make a new tax code NT (no tax) as I do, you will need to use Myob's code of GST Free.

 

You will find that all accountants want an expense account started called Filing Fees for books that involve a Company.

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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Contributing User
nimo
Posts: 155
Registered: ‎20-08-2010
Australia
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Re: How to record ASIC payment?

[ Edited ]

What about the late fees for not paying ASIC on time, still the Filing Fee?

 

Again my previous bookkeeper allocated all ASIC payments to Legal fees, is it a good idea to create a new expense called Filing Fees and changed all the ASIC transactions to the new account according to you experience?

 

And also could you please specify the other expenses should be allocated to Filing fee account.

 

Mon

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Ultimate Partner
Julie_A_C
Posts: 2,619
Registered: ‎07-09-2010
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Re: How to record ASIC payment?

Hi Monica

 

I would suggest you change the filing fee to the new expense account you create.

 

There should only be one filing fee per year, unless the Company has fallen behind in payments.  The only expense to go to this account will be the filing fee, usually $212. 

 

If the previous bookkeeper had GST included in the expense, then the best way to do an entry is via general journal, box ticked for GST inclusive, dated 1st day of current BAS period, Cr Legal fees coded GST     Dr Filing Fees coded (Free or No tax).  The other option is to go and change the entry and sort it out when a GST reconciliation is done at year end.

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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Contributing User
nimo
Posts: 155
Registered: ‎20-08-2010
Australia
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Re: How to record ASIC payment?

Luckily she did not have GST included in the expense. So can i just change the account instead of doing an entry?

 

What about the late fees for not paying ASIC on time, do they go to Filing Fee Account as well?

 

Mon

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Ultimate Partner
Julie_A_C
Posts: 2,619
Registered: ‎07-09-2010
Australia
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Re: How to record ASIC payment?

Yes Monica, put the late fees there at the moment and the Accountant can work out whether they are tax deductable or not at the end of the year.

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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