What is the tax code for bank charges - monthly plan fee & merchant fees please?

Options
Vanessa_10085275
Vanessa_10085275 Member Posts: 34

What is the tax code for bank charges - monthly plan fee & merchant fees please?

Answers

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,482 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    Options

    Hi Vanessa

    Bank account/transaction fees are usually GST-free so these are NCF.

    Merchant Fees tend to include GST so these are NCG.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)