I pay my GST in instalments. Do I just enter this via Spend Money tab? What is the notify ATO via TPAR checkbox for?
Hey @11331759,
You can record your GST instalments using Spend Money. The Notify ATO via TPAR checkbox is only for marking a supplier or payment as reportable so it appears in the Taxable Payments Annual Report that MYOB creates for ATO lodgement.
Cheers,
Doreen
Hey @11331759,
You can record your GST instalments using Spend Money. The Notify ATO via TPAR checkbox is only for marking a supplier or payment as reportable so it appears in the Taxable Payments Annual Report that MYOB creates for ATO lodgement.
Cheers,
Doreen
Hi user113
Yes it is for payments made to contractors in specific fields of work and the GST exclusive amount of their labour only. Check the ATO site regularly as they add new occupations. At present it is the construction industry, cleaner, couriers & road freight, IT and security, investigation or survellience.
Thank you Doreen. I assume this is for the sub-contractors paid annual report.
From my experience, paying GST by Instalment is somewhat unusual.
I presume your Tax Accountant would then do an Annual GST Return.
You would have a Current Asset Account called GST Instalments.
Over a FY, it would have 4 Payments.
At 30 June, there would be an Account called Annual GST Refund which would be a Current Asset or Annual GST Owing which would be a Current Liability.
Duncan
