Results 1 to 2 of 2

Thread: Accounting reporting of TERS??

  1. #1
    New Member
    Join Date
    Jul 2016
    Location
    Schweizer-Reneke
    Posts
    2
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Accounting reporting of TERS??

    While preparing for provisional taxes, the question came op of how the TERS benefit should be reflected in the AFS.

    It is received as a type of grant to assist in the payment of salaries/wages, and is not revenue.

    But it increases the profit?

    YOur opinion on the matter will be appreciated

  2. #2
    Gold Member
    Join Date
    Feb 2016
    Location
    Johannesburg
    Posts
    713
    Thanks
    74
    Thanked 199 Times in 178 Posts
    The employer is simply the facilitator and the TERS benefit is that of the employees. Without knowing all of what the company has done I can't really say, but it is not income.

    You should have paid it to employees exactly as received and it is neither income nor expense.

  3. Thanks given for this post:

    Dave A (20-Feb-21)

Similar Threads

  1. May TERS Claims
    By Christel in forum Tax Forum
    Replies: 21
    Last Post: 31-Jul-20, 01:50 PM
  2. [Opinion] TERS
    By TheMerchantOfVenice in forum Labour Relations and Legislation Forum
    Replies: 1
    Last Post: 03-Jul-20, 05:27 PM
  3. Covid19 TERS Process
    By Andre_h in forum General Business Forum
    Replies: 11
    Last Post: 15-Jun-20, 11:43 AM
  4. VIP Payroll and TERS
    By Mel123 in forum General Business Forum
    Replies: 3
    Last Post: 22-Apr-20, 10:49 AM

Tags for this Thread

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •