Hi Tracey,
I have spoken to my accountant and he isn familiar with MYOB and I have been briefed on my tax obligations.
I also now have transactions from my bank feed, showing some recent payments made to me for services provided. What is the preferred way to allocate super and income tax? From what I can see I can allocate a specific amount to GST etc until its fully allocated. Do I just make some new account codes then? I cant see one for Super, its not exactly a liability? I know GST and income tax would be liabilities, correct?
Hi dudleygb
My apologies for the delay in getting back to you. I can't provide any advice on how these transactions need to be recorded as we're not permitted to provide accounting advice. It also depends on your specific situation.
Generally speaking, you'd record an invoice for services provided and allocate the total amount to an income account and select the GST tax code. The GST amount is automatically posted to the GST account. Super and income tax wouldn't be allocated on the invoice, they would be separate transactions recorded when they are paid.
Your accountant doesn't need to be familiar with MYOB, I'm happy to help you with entering transactions. But, he will need to tell you:
If you can get me that information I'll be happy to help with entering the transactions in the software.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
