Portable Long Service Leave Levy Refunds

Eldridge
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Portable Long Service Leave Levy Refunds

We are eligible to receive a refund from the Portable Long Service Authority for LSL taken by an employee after 1 July 2019. I want to find out how I should account for this? Should I create a seperate 'Other Liability' account to set-off against the Portable LSL Payables account in the balance sheet?

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Tracey_H
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Re: Portable Long Service Leave Levy Refunds

Hi @Eldridge 

 

Thanks for your post. How you handle this will depend on how you are receiving the refund, does it reduce your future levy payments or is it deposited into your bank account? 

 

If it reduces your future payments you would allocate it to the Portable Long Service Leave liability account. This help article has detailed instructions on tracking and paying the levy in your software: Portable Long Service Leave 

 

If you get an actual refund I'd recommend checking with your accountant about how to allocate it. Personally I wouldn't think it would go to a liability account as it's not a liability of the business and doesn't need to be paid. I'd be more inclined to off set the expense account but definitely check with your accountant to make sure it's reported correctly.

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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