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Kew1's avatar
Kew1
2 years ago
Solved

Discount given to owner - Expenses or Owner's Equity?

Hi, how do we account for meals eaten for free by restaurant owner? Are they treated as discount given (expenses) or record them as drawings in owner's equity? And how about the GST? Many thanks   ...
  • Emily_B's avatar
    Emily_B
    5 years ago

    Hello DebS_5 

     

    There is also a Labour Hire option in the Employee Card under Payroll Details >> Personal Details >> Employement Basis. This will allow for processing superannuation if necessary for that particular employee. Please see the Help Article: Enter employee information for further details. 

DuncanS's avatar
DuncanS
Ultimate Partner
2 years ago

Kew1 

 

Please talk to a Tax Accountant.

 

The ATO has a Fact Sheet "Goods for own use".

 

I believe a annual Journal is sufficient.

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Are they treated as discount given (expenses) or record them as drawings in owner's equity? And how about the GST? Many thanks \n   ...","body@stringLength":"229","rawBody":"

Hi, how do we account for meals eaten for free by restaurant owner? Are they treated as discount given (expenses) or record them as drawings in owner's equity? And how about the GST? Many thanks

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Hi, how do we account for meals eaten for free by restaurant owner? Are they treated as discount given (expenses) or record them as drawings in owner's equity? And how about the GST? Many thanks

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Kew1 

 

Please talk to a Tax Accountant.

 

The ATO has a Fact Sheet \"Goods for own use\".

 

I believe a annual Journal is sufficient.

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Please talk to a Tax Accountant.

 

The ATO has a Fact Sheet \"Goods for own use\".

 

I believe a annual Journal is sufficient.

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url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 5%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,24A12,12,0,1,0,0,12,12,12,0,0,0,12,24Zm1.82-10.71a1.2,1.2,0,0,0-1.2,1.2v4.2h-3s0-7.2,0-7.8h3v.89A3.72,3.72,0,0,1,15,10.91c1.78,0,3,1.29,3,3.78v4H15v-4.2A1.2,1.2,0,0,0,13.82,13.29ZM6.91,9.69h0A1.47,1.47,0,0,1,5.4,8.2,1.44,1.44,0,0,1,6.93,6.75a1.47,1.47,0,1,1,0,2.94Zm1.51,9h-3v-7.8h3Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .instagram a:before {\n background: 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