GST withheld at property settlement
I run a construction/development company.
Sold a townhouse for $370k, $25k was paid directly to the ATO for GST withholding at settlement.
How do I account for this?
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Hi BenB
I would recommend speaking to your accounting advisor in regard to the best way to record that transaction for your reporting requirements. I would ensure you can get the accounts, amounts, and tax codes involved in that transaction.
From an MYOB Business point of view, you would typically record large purchases or sales of assets through the Accounting>>Create journal entry window. Our Help Article: General journals has more information on recording these transactions.
