I will explain with an example: As at 1 Apr 2022, Client has 100k debt in integrated client account which comprises of GST payable, PAYGW payable and PAYG Instalments.
They have entered into a payment plan to pay $1000 per week.
How much of these $1000 per week payments will count towards each type of debt? I'm interested in particular PAYG Instalment debt to calculate Franking account balance as at 30 June.
Thanks in advance.
Hiya @Badhon,
The system automatically attributes the payments. The payments are attributed to the oldest outstanding amount first, regardless of which role that is for.
Hiya @Badhon,
The system automatically attributes the payments. The payments are attributed to the oldest outstanding amount first, regardless of which role that is for.
Hi @StephATO
Noted your comment above, can you please clarify if the PSLA 2011/20 Payment and credit allocation is still in place as to how the order of allocation. Your prompt reply will be greatly appreicated.
Hi @ahuie,
What we'll do is, if the payment equals a liability, let's say for GST we'll allocate the payment to that.
The ruling you've provided has Attachment C - order of allocation. It depends on what account the debt is on as to what we'll allocate the payment to.
Here's the link to PS LA 2011/20. Check out Attachment C.
Noted & Thanks for your reply @CaroATO
2,431 views
4 replies