Luxury Car tax

Legacy KB ID: 1576

Question

How do I enter luxury car tax into Reckon Accounts?

Answer

Set up a liability account for tracking just the luxury car tax amounts.

     To do this;

  1.      Select Lists menu > Chart Of Accounts.
  2.      Click Account > New.
  3.      Create a new 'Other Current Liability' account and click OK.

When entering the import of a vehicle make sure to include the luxury tax liability in this new account.

When performing the BAS report use field '1E' to enter in any luxury tax amounts owed to the ATO. (You can determine these quickly by doing a fast report on the liability account that you have set up to track these amounts).

At the time of recording the Sale of a luxury car, make sure that you include the luxury tax liability in the new liability account.

When remitting the BAS cheque to the ATO you will need to make sure that the TAX Payable line only includes the GST taxes amounts, and you will require a second line with the luxury Car tax liability account, as well as the appropriate amount, is remitted.


Need more help?

Ask the Reckon Community at: https://community.reckon.com/categories/reckonaccounts

Or

Log a Support Ticket: https://www.reckon.com/au/support/

How did we do?

Processing a GST-only transaction

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