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Hi, how do we account for meals eaten for free by restaurant owner? Are they treated as discount given (expenses) or record them as drawings in owner's equity? And how about the GST? Many thanks
Please talk to a Tax Accountant.
The ATO has a Fact Sheet "Goods for own use".
I believe a annual Journal is sufficient.
Duncan is right. This place is for help with MYOB and NOT free tax advice. How do you know who you are dealing with? And will they be around when you get audited?