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How to record an income tax payment or refund

Learn how to allocate tax payments or refund from bank feeds to ensure they don't impact current tax calculations.

Updated over 4 months ago

In TaxTank, payments to the ATO for personal income tax and any refunds are considered personal transactions. This is because they don't impact your current tax calculations.

To allocate these transactions from bank feeds, simply locate the payment or refund and select the 'Allocate' action. Then select the 'Personal' chart of accounts, and from the category dropdown select either 'Tax Paid' or 'Tax Refund', and then the 'Allocate' button.

That's it, you're done.

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