We have had tfn tax withheld from interest earned on a term deposit. I need to create a tfn tax withheld account to record this. Just checking this should be in assests and not in liabilities?
@TaniaDSM @Isaiah_C
Lets say Interest is $100 Withheld $47 Paid $53
The $47 withheld would be a Current Asset.
Sometimes the Bank will pay the amount withheld on receipt of a TFN.
This is easier than claiming the amount withheld on a Tax Return.
Duncan
Hi @TaniaDSM,
Good question you've got there! Hopefully one of the legends in the forum can jump in and share how they've set it up in their own file. If no one's got an answer that fits, it'd be best to have a quick yarn with your accountant or bookkeeper. They'll be able to point you in the right spot so it's set up correctly from the get-go.
Regards,
Sai
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