Tax refund

Question

Hello,&nbsp;Our accountants lodged an ammended June BAS in which we had to pay the ATO. However, we recieved a refund from our business tax from the ATO.&nbsp;&nbsp;What the ATO has done is used part of the refund to pay the outstanding ammended BAS and then refunded us the balance.&nbsp;How would i enter this into MYOB?&nbsp;We have an Integrated ATO client account and a Provision for income tax account.&nbsp;Any help would be greatly appreciated.&nbsp;&nbsp;Thanks&nbsp;

alant · Answer

Hi Susan8&nbsp;&nbsp;I would suggest that you ask your accountant for their guidance on these entries as they will already be familiar with your specific situation.&nbsp;Regards,AlanT

lrbooks61 · Answer

Hias an example yo have to pay ATO $5k but you had a refund of $10k - so ATO kept $5k and deposited the refund remaining of $5k to your bankPost the transaction to the bankReceive money $5&nbsp;ATO Intergrated client&nbsp; acc - $10kprovision for income tax -$5Kthen record&nbsp;Hope this helps&nbsp;Lisa

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Tax refund - how to enter

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