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Re: DR mean money owed?

Newbie

Views 194

Replies 4

My account is still in progress - balancing account but when I go to account summary it is saying that $$$$ debit and with balance $$$$ (DR) 

Does this mean I owe money?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 2

Hi @Biancab

 

The DR posting indicates that there is something in your account that needs to be paid off. If you return is processing still this could be a HECS debt or the amount of tax you're required to pay. This doesn't mean you owe money as the outcome of your return yet. If the return is finalised, and the posting with the DR amount was something along the lines of "Tax return 2020-2021" then this would be an amount owing. Best bet for the moment is to wait until it processes to find out the final result of your return.

 

Hope this helps. 

4 REPLIES 4

Devotee

Replies 0

Yes, just like your bank account DR = bad, CR = good.

Most helpful response

ATO Community Support

Replies 2

Hi @Biancab

 

The DR posting indicates that there is something in your account that needs to be paid off. If you return is processing still this could be a HECS debt or the amount of tax you're required to pay. This doesn't mean you owe money as the outcome of your return yet. If the return is finalised, and the posting with the DR amount was something along the lines of "Tax return 2020-2021" then this would be an amount owing. Best bet for the moment is to wait until it processes to find out the final result of your return.

 

Hope this helps. 

Newbie

Replies 1

If I was employed by 2 employers but technically only got income from one job till February then started a new job in march, did not work anymore with the first job but stayed employed would this create a debt If I was to claim tax free threshold?

ATO Community Support

Replies 0

Hi @Biancab,

 

If you had two employers but worked for one after the other, you can claim the tax free threshold from your 2nd employer. As @EthanATO advised, you are best to wait for your notice of assessment (NOA) to issue. As your return is processing it goes through different stages, the DR does not mean you have a debt during this time. 

 

You can check our information on progress of return via the link above

 

All the best.