Forum Discussion

BenB's avatar
BenB
Experienced User
6 years ago

How to enter income tax paid

I'm an employee. I've always entered my salary as income, paid to my bank account. I've never worried about tax paid directly to the ATO, however this understates my income.

 

How should I enter the tax paid to the ATO by my employer on my behalf? Is it an equity account?

  • DuncanS's avatar
    DuncanS
    6 years ago

    BenB 

     

    I would include the Gross and Tax in each transaction by a Bank Rule or recurring transaction.

     

    Would use a Equity Account called Income Tax Paid.

    This Account could be transferred yearly to Drawings on receipt of the Assessment. 

     

    Duncan

  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    6 years ago

    BenB 

     

    I would include the Gross and Tax in each transaction by a Bank Rule or recurring transaction.

     

    Would use a Equity Account called Income Tax Paid.

    This Account could be transferred yearly to Drawings on receipt of the Assessment. 

     

    Duncan

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.