Coding payment of Company Income Tax

  • 1
  • Question
  • Updated 1 month ago
To what type of Account do I code payment of Company Income Tax and what GST code do I use? Many thanks
Photo of Tanya

Tanya

  • 140 Points 100 badge 2x thumb

Posted 1 month ago

  • 1
Photo of Kris Williams

Kris Williams

  • 11,978 Points 10k badge 2x thumb
 No tax code, and post to a Liability or Asset account called Income tax. Depends on how the financials were set up and what the Accountant prefers, it can be changed later 
Photo of Tanya

Tanya

  • 140 Points 100 badge 2x thumb
Thanks so much Kris - "Non-current liability" or "Other current liability"?
Photo of Kris Williams

Kris Williams

  • 11,978 Points 10k badge 2x thumb
I would use Other Current Liability, although others may disagree, but as I said the accountant will put it wherever he wants when the time comes