I'm using Quickbooks for the first time and submitting my own Australian company tax return, for which I downloaded a hardcopy from the ATO. Unfortunately the ATO's terminology isn't harmonised with quickbooks. I have my Quickbooks Balance sheet ready but I'm confused about where to place each figure into the ATO's form Section 8. Has anybody done this?
If my Balance Sheet looks like:
Assets
Current Assets
- Cash on hand. 1000
Total Current Assets $1000
Total Assets $1000
Liabilities and shareholder's equity
Current liabilities:
Business operations account. -2000
Director's Loan 5000
Total current liabilities $3000
Shareholder's equity:
Net income. -3000
Ordinary shares. 1000
Retained earnings
Total shareholder's equity. $-2000
Total liabilities and equity. $1000
... then where do I enter each figure into ATO Section 8 which is made up of:
Thanks for any hints on this!!