Hi all,
i am a new member of the community, i have a question raised during my working time. I am currently a part-time accountant assistant and in the learning progress. While working on a file, i found that in the Income tax 551 account there is a transaction whose description is :"Instalment credit allowed". I have searched for couple of hours on ATO website but still can not find such related thing. By the way, it is a credit amount into the Income Tax 551 account.
Also, as i remember i've read a document somewhere a while ago talking about "ATO will allow business to credit their tax (remove it from income tax account) but they will have to pay it back to ATO later). Please let me know if you remember the documents talking about the similar thing.
Thank you for your replies.
I appreciated it.
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