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Susan8's avatar
Susan8
User
3 years ago

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 refund to pay the outstanding ammended BAS and then refunded us the balance.

 

How would i enter this into MYOB?

 

We have an Integrated ATO client account and a Provision for income tax account.

 

Any help would be greatly appreciated. 

 

Thanks 

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  • AlanT's avatar
    AlanT
    Partner
    3 years ago

    Hi Susan8 

     

    I would suggest that you ask your accountant for their guidance on these entries as they will already be familiar with your specific situation.

     

    Regards,

    AlanT

  • LRBooks61's avatar
    LRBooks61
    Ultimate Cover User
    3 years ago

    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