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This information applies to MYOB AccountRight version 19. For later versions, see our help centre.
https://help.myob.com/wiki/x/Eguc
ANSWER ID:9260
Once you have completed your activity statement (BAS or IAS) you need to record the payment owing to the Australian Taxation Office (ATO) or the credit you receive from the ATO. This support note provides guidelines on recording this transaction.
You will need to have a print out or access to your BAS/IAS. From this you will need to look at the back sheet. This will give you the information needed to enter your transaction.
The table below provides a brief description of the BAS fields and how an ATO payment is entered, in other words positive or negative, through the Banking command centre using Spend Money.
BAS Field | Field Name | Description | Account number example | In Spend Money the entry is +/- |
1A | Goods and Services tax payable | This is the GST that you have collected. | 2-1210 | + (Positive) |
1B | Goods and services tax paid | This is the GST that you have paid. | 2-1220 | - (Negative) |
1C | Wine Equalisation tax payable | This is the amount of Wine Equalisation tax that you will need to pay if applicable to you. | 2-1370 | + (Positive) |
1E | Luxury car tax payable | This is to record the Luxury car tax that you will need to pay if applicable to you. | 2-1360 | + (Positive) |
4 | 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. | 2-1370 | + (Positive) |
5A | PAYG Instalments | 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. | 1-1980 | + (Positive) |
6A | Fringe Benefits Tax Instalments | This is a prepayment of Fringe Benefits Tax based on a projection for the year. | 1-1340 | + (Positive) |
7 | Deferred Company funds Instalments | This field relates to those who are liable to pay deferred instalments under the company or fund instalment system. | 1-1990 | + (Positive) |
N/A | 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. | Expense or Income Account | + (Positive) or - (Negative) |
Below is an example of entering a payment to the ATO through the Spend Money window (Banking > Spend Money).
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.
If you receive a refund from the ATO you will need to enter it in through the Banking command centre using the Receive Money function. The allocation accounts will be the same as those for the payment to the ATO. When entering the amounts in the Receive Money window, they should be entered opposite to the table above.
Below is an example of entering a deposit from the ATO in the Receive Money window.
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.
