TFN Tax Withheld
We have had tfn tax withheld from interest earned on a term deposit. I need to create a tfn tax withheld account to record this. Just checking this should be in assests and not in liabilities?
Forum Discussion
Lets say Interest is $100 Withheld $47 Paid $53
The $47 withheld would be a Current Asset.
Sometimes the Bank will pay the amount withheld on receipt of a TFN.
This is easier than claiming the amount withheld on a Tax Return.
Duncan
