interest received and paid

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Contributing Cover User
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interest received and paid

Hi

I was wondering my system has a standard set up with n-t for interest recieved and interested expense also for bank charges and fees. should this be left or are we ment to go in an change them.  If so what codes am i to use.

 

Also would this then be then put on the BAS at G4?

 

cheers

DEL

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Partner
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Re: interest received and paid

Hi @del

 

Its a tricky questions as some people and accountants have told clients different things.

 

Myob suggest to be sure ask your BAS agent/accountant and then edit the account to set the default tax code.

 

http://help.myob.com/wiki/display/ar/Bank+interest+and+charges

 

Bank Fees, interest expenses / income and dividend income are governed under what is termed financial supplies you can view this topic on the ATO website just do a search.

 

Cheers and Good luck!

 

 

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Contributing Cover User
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Re: interest received and paid

Thank you for your response. it has clarified things. I will talk to my accountant over this matter.

 

Thanks again

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