Bookkeeping Tips

Fuel Tax Credits

Financial Dynamics Chartered Accountant, Darren Wearne, advises those clients claiming fuel tax credits can use MYOB to accurately track the litres of eligible fuel per vehicle for calculating and reporting their fuel tax credits to the Australian Taxation Office.

“ This involves some initial set-up time, however once the system is established, detailed reports can be produced to help calculate the credit. ”

For further information regarding this procedure, please contact Darren at our office on 44 212345 or email darrenw@financialdynamics.com.au.

 Printing Payment Summaries

One of the time-consuming aspects of printing payment summaries can be deselecting employees (or incorrectly set-up supplier/customer cards) from the employees listed to receive them. Even when the card is marked ‘inactive’ and the employee has been terminated, they will still appear in the payment summaries list. This is necessary as some terminated employees may still be eligible to receive a payment summary, and also for Fringe Benefits Tax compliance reasons.

To remove employees or irrelevant supplier cards from the payment summary listings, you can edit the employee's Card File.

Under ‘Payroll Details’, change the Employment Basis from ‘Individual’ to ‘Labour Hire’. This will remove them from the payment summary printing list.

Please ensure the employee is not entitled to receive a payment summary (ie .has no wages transactions recorded for the relevant financial year) prior to changing their employment basis.

For further information regarding this procedure, please contact Darren at our office on 44 212345 or email darrenw@financialdynamics.com.au

Tel: 02 4421 2345Fax: 02 4421 2340