Breeny

Question

Hi,I have just started using MYOB Business Pro.&nbsp; What is the tax code for bank fees?&nbsp; FRE or NT?

earl_hd · Answer

Hi Breeny ,For bank fees, you should use the tax code "NT" (No Tax). Bank fees are generally considered a non-taxable expense, but it's still advisable to consult with an accountant for an accurate answer.Regards,Earl

s_w · Answer

Yes agree with Earl, it is N-T only

doreen_p · Answer

Hi there Breeny
&nbsp;
Welcome to MYOB! If you're wondering what tax code to use, you can check this link for information and know which code applies to the transaction.
&nbsp;
Best regards,
Doreen

breeny · Answer

Thanks Doreen,&nbsp; I have checked the link and have read about the tax codes and how to allocate.&nbsp; I realize the difference with merchant fees having GST and bank fees are GST free.&nbsp; I still have the question about which code to allocate to bank fees.&nbsp; FRE or NT?&nbsp;&nbsp;&nbsp;Thankyou.

breeny · Answer

Thankyou for the advice Earl.

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