Follow

Record GST payments and refunds from the ATO

Processing GST payments and refunds from the Australian Tax Office (ATO) in Agrimaster is automatically performed as part of the closing of the Business Activity Statement (BAS) period in Agrimaster.

However, if you have just started using Agrimaster, you may need to record a previous BAS payment or refund manually. You can also use this process if you selected No to creating the transaction when closing your BAS.

When processing the GST payments or refunds, you may need the following codes:

Code

Allocation

Amount

Used When

GST Refunded

not required

Credit

ATO owes you for GST

GST Remitted

not required

Debit

You owe The ATO for GST

Wages Tax Deducted

Wages tax remitted

Debit

You are paying the ATO the Tax withheld from your employees’ wages

Fuel Tax rebate

Not required

Credit

The ATO owes you a refund for Fuel purchased

Entering A GST refund from the ATO

Example: The ATO owes you $5000 for GST, you need to pay wages tax of $2000 and the ATO owes you a fuel tax rebate of $1000

Here is an example of how the transaction would look in Agrimaster

To enter a GST refund, the process is the same as any other transaction. For instructions, read more.

Entering a GST Payment to the ATO

Example: You owe The ATO $5000 for GST, you need to pay wages tax of $2000 and the ATO owes you a fuel tax rebate of $1000

Here is an example of how the transaction would look in Agrimaster

To enter a GST payment is processed in the same way as any other transaction. For instructions, read more.  

 

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

Comments