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.
Hi Tracey,
Thats great, thank you.
So, as a sole trader, I am now classed as self employed and I am paid in full services rate plus Super plus GST.
As per the ATO, as self employed I can decide when and how to pay super. I also need to hold my GST and income tax.
What I've done so far is this.
For example I am paid 1100 for services.
The bank feed I have setup sees the amount on my bank transactions and I am prompted by MYOB to allocate the amount. I'm basically just allocating 10% for GST using the GST code. My plan was to create a SUPER allocation of 10.5% and an income tax allocation of 33% (to be safe) and the remainder is allocated as nett salary I will pay to myself. Basicallly I am aiming to fully allocate this 1100 to seperate buckets so I can easily track GST, SUPER, income tax and nett salary I pay myself. I havent introduced any invoices as such, I am just allocating traight from the bank transactions. Sound like an ok way to do it?
