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Old 01-25-2016, 05:49 PM
BraeNZ BraeNZ is offline
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Join Date: Jan 2014
Posts: 8
honorarium not income - so where should it go?

I am going to be paid an honorarium but obviously this should not appear in my chart of accounts as income. So what should it be?

Do I need to open a new account - and what 'type' should it be.

Look forward to hearing your thoughts. And thanks in advance.

Last edited by BraeNZ; 01-25-2016 at 08:48 PM.
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Old 04-01-2016, 01:27 AM
Jeannius Jeannius is offline
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Join Date: Dec 2009
Location: NSW
Posts: 39
Sometimes an honorarium is assessable. It depends on what it is for and what the volunteer was doing. ie in Australia visit

If it is determined to not be assessable, then why was it paid to the business? and not banked to a personal a/c of the volunteer?

Other non-assessable income, I have put in an account for it in the "Other Income" section and labelled as non-taxable. It then has to be brought to the attention of whoever does the tax return so it can be deducted off the tax return, but then this is business income, like a grant.

If it is in a sole-trader business, and it is determined to be non-taxable, then put it to the owner's loan a/c.

As I mentioned, it all depends on who it is for, what it is for & why,
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