BAS entry and ATO repayments

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Contributing User KGrove
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BAS entry and ATO repayments

We owe the ATO and are paying it off every month. 

 

The statement I just received has the fuel tax credit as a credit into the account, therefore reducing our overall debt with them. 

 

I've started a liablity account called 'payments to the ATO' to keep track of the repayments and interest. 

 

My question is...how do I record the fuel tax credit and possibly the pay as you go tax withheld and gst as debits into this account. 

 

I appreciate your response. Thank you. 

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Ultimate Partner IanChait
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Re: BAS entry and ATO repayments

Hi @KGrove 

 

The simplest entry I would suggest is

DR Payments to the ATO

CR Fuel Tax Income 

 

the entries for the rest of the BAS would be

DR GST Collected

CR GST Paid

DR PAYG Withholding

CR Payments to the ATO

 

I would call the account ATO - Integrated Client Account, which is the ATO terminology and then you can reconcile it to the ATO statement if necessary.

 

 

 


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

Contributing User KGrove
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Re: BAS entry and ATO repayments

Hi Ian, Thank you. With the GST collected. that isn't on the ATO ICA statement. How would the journal be done? from where to where? GST paid? 

Ultimate Partner IanChait
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Re: BAS entry and ATO repayments

Hi @KGrove 

 

I like to match the numbers exactly to the ATO Statement, so my journal is as this example

DR GST Collected       100.00

CR GST Paid                             25.00

CR ATO Account                      75.00

DR PAYG Withholding  50.00

CR ATO Account                      50.00

 

I use this procedure for any other amounts such as PAYG Instalmemts, Fuel Tax Credits.

 


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

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