Breeny
Hi, I have just started using MYOB Business Pro. What is the tax code for bank fees? FRE or NT?
Forum Discussion
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.
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