Bookkeeping – The BAS and what your bookkeeping needs to supply to prepare the form at the GST Labels on your BAS

September 8, 2015 by accountkeepingplus Leave a comment

The BAS and what your bookkeeping needs to supply to prepare the form at the GST Labels on your BAS

The ATO site is full of information to assist you in your tax reporting requirements – and tells you what your bookkeeping needs to supply you, to prepare the form at the GST labels on your BAS (Business Activity Statement). Here is the KEY details about what the BAS is, and about EACH label on the BAS – from the ATO site –

• Business activity statements (BAS)

The business activity statement (BAS) is a tax reporting requirement for businesses issued by us on either a monthly or quarterly basis. It’s used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other tax obligations.

When you register for an Australian business number (ABN) and GST, we will automatically send you a BAS when it is time to lodge.

All businesses registered for GST are required to lodge a BAS by the due date.  

Next steps:

• Preparing your business activity statement (BAS)
• How to lodge your BAS
• Due dates for lodgment and payment
• Completing the GST labels on your BAS

You must complete the goods and services (GST) tax section of your business activity statement (BAS) if your business is registered for GST.

The GST labels you complete depend on the GST reporting option you have chosen:

Option 1 Calculate & report quarterly	Option 2 Calculate quarterly, report annually	Option 3 Pay instalment amount, report annually
G1 Total sales	G1 Total sales
G2 Export sales
G3 Other GST-free sales
G10 Capital purchases
G11 Non-capital purchases
		G21 ATO instalment amount
		If varying: G22 Estimated net GST for the year
		If varying: G23 Varied amount for the quarter
		If varying: G24 Reason code for variation
1A GST on sales or GST instalment	1A GST on sales or GST instalment	1A GST on sales or GST instalment
1B GST on purchases	1B GST on purchases

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Email info@accountkeepingplus.com.au or call 0407 361 596 Australia

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