Forum Discussion

Breeny's avatar
Breeny
Member
1 year ago

Breeny

Hi, I have just started using MYOB Business Pro.  What is the tax code for bank fees?  FRE or NT?
Doreen_P's avatar
Doreen_P
MYOB Moderator
1 year ago

Hi there Breeny

 

Welcome to MYOB! If you're wondering what tax code to use, you can check this link for information and know which code applies to the transaction.

 

Best regards,

Doreen

  • Breeny's avatar
    Breeny
    Member
    1 year ago

    Thanks Doreen,  I have checked the link and have read about the tax codes and how to allocate.  I realize the difference with merchant fees having GST and bank fees are GST free.  I still have the question about which code to allocate to bank fees.  FRE or NT?  

     

    Thankyou.

    • Earl_HD's avatar
      Earl_HD
      MYOB Moderator
      1 year ago

      Hi Breeny ,

      For bank fees, you should use the tax code "NT" (No Tax). Bank fees are generally considered a non-taxable expense, but it's still advisable to consult with an accountant for an accurate answer.

      Regards,
      Earl

      • Breeny's avatar
        Breeny
        Member
        1 year ago

        Thankyou for the advice Earl.

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