BAS entry and ATO repayments

Question

We owe the ATO and are paying it off every month.

The statement I just received has the fuel tax credit as a credit into the account, therefore reducing our overall debt with them.

I've started a liablity account called 'payments to the ATO' to keep track of the repayments and interest.

My question is...how do I record the fuel tax credit and possibly the pay as you go tax withheld and gst as debits into this account.

I appreciate your response. Thank you.

ianchait · Accepted Answer

Hi&nbsp;KGrove&nbsp;&nbsp;The simplest entry I would suggest isDR Payments to the ATOCR Fuel Tax Income&nbsp;&nbsp;the entries for the rest of the BAS would beDR GST CollectedCR GST PaidDR PAYG WithholdingCR Payments to the ATO&nbsp;I would call the account ATO - Integrated Client Account, which is the ATO terminology and then you can reconcile it to the ATO statement if necessary.&nbsp;&nbsp;&nbsp;

kgrove · Answer

Hi Ian, Thank you. With the GST collected. that isn't on the ATO ICA statement. How would the journal be done? from where to where? GST paid?&nbsp;

ianchait · Answer

Hi&nbsp;KGrove&nbsp;&nbsp;I like to match the numbers exactly to the ATO Statement, so my journal is as this exampleDR GST Collected&nbsp; &nbsp; &nbsp; &nbsp;100.00CR GST Paid&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;25.00CR ATO Account&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 75.00DR PAYG Withholding&nbsp; 50.00CR ATO Account&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 50.00&nbsp;I use this procedure for any other amounts such as PAYG Instalmemts, Fuel Tax Credits.&nbsp;

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BAS entry and ATO repayments

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