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Old 01-25-2016, 04:49 PM
BraeNZ BraeNZ is offline
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Join Date: Jan 2014
Posts: 6
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 07:48 PM.
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Old 04-01-2016, 12:27 AM
Jeannius Jeannius is offline
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Join Date: Dec 2009
Location: NSW
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Sometimes an honorarium is assessable. It depends on what it is for and what the volunteer was doing. ie in Australia visit https://www.ato.gov.au/Non-profit/Yo...s/Honorariums/

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,
cheers.
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