NZ Wage Subsidy Repayment (Not Required)

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NZ Wage Subsidy Repayment (Not Required)

Hi there

 

I used the Wage Subsidy reference - https://help.myob.com/wiki/display/ea/COVID-19+wage+subsidy+payments?searchfacet=support:help&search... - to pay myself as a self-employed contractor. I found the page very helpful.

 

I was audited and only needed 8 weeks of the 12 weeks contribution for the period of time I was actually out of work. IRD provided me the details to pay this back directly via my bank.

 

What is the correct way to journal the transaction I have for paying back to IRD a partial amount of the original funds I received? Cannot find this anywhere. Thanks in advance.

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Re: NZ Wage Subsidy Repayment (Not Required)

Hi @ARinNZ 

 

I’d recommend discussing this with your accountant, as they will be the most familiar with your chart of accounts. Your accountant will be able to assist you with how the journal entry should look and which accounts would be impacted by the transaction

Regards,
Neil

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Re: NZ Wage Subsidy Repayment (Not Required)

Hi Neil

 

Your response is much appreciated. Yes, I will get in touch with my account in due course for this matter.

 

I am somewhat surprised there isn't a guidance page on this for MYOB users who need to repay some or all of the subsidy given the potential number of similar circumstances.

 

Cheers.

MYOB Moderator
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Re: NZ Wage Subsidy Repayment (Not Required)

Hi @ARinNZ 

 

I’ve shared your comments with the team who look after the help articles, so they can consider them and review the current help articles for any improvements.

 

 

Regards,
Neil

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