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March 2019
March 2019
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.
Solved! Go to Solution.
March 2019
March 2019
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.
March 2019
March 2019
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?
March 2019
March 2019
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.
1
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665
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2
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777
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0
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456
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6
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1626
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2
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1080
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