TaniaDSMMember9 months agoTFN 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?
DuncanSUltimate Partner8 months agoTaniaDSM Isaiah_C 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
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