Hello,
For the first time after having the company tax return finalised by the ATO, I have received a refund for excess PAYG instalments made in the 17/18 fin yr and am wondering how to account for them.
I have entered it as 'receive money' against the PAYG instalment asset account, which is fine, but I'm wondering what happens to it now as I don't have a PAYG instalment amount to pay quarterly with my BAS which would offset it. Does it just sit there?
Many thanks
MichelleJi