Tax refund - how to enter
Hello, Our accountants lodged an ammended June BAS in which we had to pay the ATO. However, we recieved a refund from our business tax from the ATO. What the ATO has done is used part of the...
Forum Discussion
Hi
as an example yo have to pay ATO $5k but you had a refund of $10k - so ATO kept $5k and deposited the refund remaining of $5k to your bank
Post the transaction to the bank
Receive money $5
ATO Intergrated client acc - $10k
provision for income tax -$5K
then record
Hope this helps
Lisa
