I have 2 Tax Accounts listed under the Tax/Accounts/Tax Accounts menu.
1 is my Income Tax. When i complete a tax return and owe money, the debt shows in here.
The other is my Activity Statement. As a sole trader, this is where regular payments/transfers that the ATO debits from me each quarter go to cover estimated tax that will be owed from business activities.
My issue is that at tax time, i complete my tax return, it shows i owe money, which is expected.
So why doesn't ATO tax this debt from the activity statement account or provide an option for me to pay using this account?
There is a separate option to request a credit or a transfer, but it is a manual process and have to wait 2 weeks - am i doing something wrong here ? ATO is taking money from my bank account specifically for this purpose, so why not just use it ?
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