Partner Zone

Covid19 MSD Payment for Wage Subsidy -Non taxable Income Set Up in AccountRight

This thread is now closed to new comments.
Some of the links and information provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
Hugoagogo
3 Posts
Cover User
New Zealand
Cover User

3Posts

3Kudos

0Solutions

Solved: Go to Solution

Covid19 MSD Payment for Wage Subsidy -Non taxable Income Set Up in AccountRight

Hi there MYOB AccountRight Community

For the large MSD (WINZ) payment that our company has recieved, I have created a seperate Account under 'Other Income' in AccountRight and I have selected that the Income is Exempt from GST, however IRD have said that this Subsidy from MSD is also non-taxable. How do I ensure that this value is also not attributed to end-of-year Taxable Income.  Do I need to create a Journal entry as an end of year adjustment?

Could you help?

1 REPLY 1
Steven_M
MYOB Moderator
43,275 Posts
MYOB Moderator
New Zealand
MYOB Moderator

43,275Posts

5,816Kudos

6,465Solutions

Accepted Solution Solved

Re: Covid19 MSD Payment for Wage Subsidy -Non taxable Income Set Up in AccountRight

Hi @Hugoagogo 

 

I would recommend speaking to an accountant for specific guidance into that situation.

From an AccountRight point of view, if a transaction line has been marked with the GST code E it would be exempt from GST and not be included in the GST calculations but still be reportable. This is similar to GST code: N-T which would mark the transaction as not-reportable. Exempt being something is exempt from GST but still reportable whereas N-T is exempt and not reportable. 

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post