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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   ...
  • DuncanS's avatar
    DuncanS
    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.

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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