[Lynda Grant]

In very simple terms, what does the ATO ruling on Bond Refunds mean to Gateway clients?

1. All receipts MUST be transacted against an INCOME DISSECTION on the Owner file.

2. All payments MUST be transacted against an EXPENSE DISSECTION on the Owner or Property file.

3. Clients may need to create new Dissections in order to process bond refund and reimbursed expense receipts.

4. End of Financial Year statements will now display both the receipt and the payment transaction for expenses claimed as Bond Refund.

5. Over-claimed Bond Refund (more claimed than is owed by the tenant) is the only thing that can be receipted as Tenant Deposit.

For more information please refer to:
http://www.ato.gov.au/content/downlo...7n17290609.pdf