How to record FEG verification services remuneration

We suggest the following for recording the receiving of funds for FEG verification services and the payment of the funds to the appointee. 

Receipt FEG Funding

Setup the Receipt account as per below. If you exclude from Position the amount will not be included in the Gross amount of assets realised to date.

​The ATO in this link GST and grants | Australian Taxation Office (ato.gov.au) state "Government payments aimed at giving income support to business are typically not for a supply and therefore will not have any GST implications."

Drawing FEG Remuneration

Setup the expense account for when you pay the appointee as below

The transactions will report on F5602 as per below​

Further information can be found in this article from ARITA.

Remuneration Payments from FEG (arita.com.au)