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Once you have completed your Business Activity Statement (BAS) or Instalment Activity Statements (IAS), you need to record the payment owing to the Australian Taxation Office (ATO) or the credit you will receive from them. This topic provides guidelines on recording this transaction. The accounts used are examples only, so if you need clarification it's best to speak to your accounting advisor or the ATO.
Using bank feeds? When your ATO payment or credit transaction comes through in the bank feed, match it to the applicable transaction (if you've already recorded the transaction). Otherwise you can allocate it to the applicable accounts.
What information do I need to enter my ATO payment or credit?
You will need to have 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, example MYOB Essentials accounts, and how an ATO payment is entered (positive or negative) using a spend money transaction. For refunds from the ATO (entered using receive money), this would be reversed.
Example account number
In spend 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.
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.
If you are to receive a refund from the ATO you will need to record it through a receive money transaction. The allocation accounts will be the same as those for an ATO payment. When entering the amounts, they should be entered opposite to the table above.
On the Banking menu, click Receive money. The Create receive money transaction page appears.
In the Bank account field, choose the account the ATO payment is going into.