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

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

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:

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

 

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

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

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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

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