Enter your ATO refund using a Receive Money transaction with a separate line for each of your BAS fields (Banking command centre > Receive Money).
Use this table to work out what to enter in your transaction and whether the amount should be positive or negative.
Account number example
In Receive Money the entry is +/-
Goods and Services tax payable
This is the GST that you have collected.
Goods and services tax paid
This is the GST that you have paid.
Wine Equalisation tax payable
This is the amount of Wine Equalisation tax that you will need to pay if applicable to you.
Luxury car tax payable
This is to record the Luxury car tax that you will need to pay if applicable to you.
PAYG withholding payable
This is the total amount of PAYG that is withheld from employees and subcontractors. This field also includes amounts withheld for No ABN and also No Tax File Number.
This is the prepayment of PAYG, which is based on total Income and the instalment rate that is set on your BAS/IAS form, or an instalment amount.
Fringe Benefits Tax Instalments
This is a prepayment of Fringe Benefits Tax based on a projection for the year.
Deferred Company funds Instalments
This field relates to those who are liable to pay deferred instalments under the company or fund instalment system.
Adjustments and Rounding Account
The BAS requires that whole dollars be reported, so some manual rounding of cents will be required. We suggest that you create an adjustments and rounding account to record the manual rounding of these adjustments.
Here is our example ATO refund.
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A tax code of N-T is given to the allocation accounts in the example below, but you should always check with your accounting advisor or the ATO for the applicable tax codes to use in your circumstances.