I have had a return from the bank from a payment made to a creditor (account details wrong). Is the refund GST or no GST please
Hi @JoWood,
Thank you for your post.
In this matter, if the payment made to your supplier has a GST, then the GST is included in the refund. For example, if you paid $100 to a supplier with a GST tax code and they've refunded you the $100, then you should be recording it with a GST tax code. However, it would be best to speak to your accountant and seek advice on this.
Please let me know if you require any further assistance with this. I'm happy to assist.
Cheers,
Princess
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