Calculating GST Quarterly and Reporting Annually
You can prepare a Business Activity Statement (BAS) for calculating GST quarterly and reporting it annually.
- Set up your company information for the current tax year in HQ ATO Tax Years.
- Open the HQ BAS Process form. It defaults to the current tax year as specified in HQ ATO Tax Years.
- Enter a new sequence
number in the Sequence field. You can also enter New, N, or + to use the next available sequence
number.Note: Each time you create a BAS for reporting, you must use a new sequence number. By creating a new sequence number, you can report amounts specific to the quarter (or other specified time period) rather than for the whole year.
- Set up your general BAS information in the following fields: Form Due On, Payment Due On, Contact Person, Contact Phone, GST Acct Method, Signature, Date, Return this completed form to, Hours, and Minutes. For more information on a specific field, see the F1 help.
- In the GST section of
the form, enter the start and end dates for the range you are reporting GST for
in the Start Month and End
Month fields. Note: If you are preparing your annual GST report, make sure to specify the entire tax year in the date range.
- Select Option 2: Calculate GST and Report Annually from the Option drop-down.
- Check the G1 Include GST box if the total sales you are reporting includes GST.
- On the FBT/Summary tab, enter amounts in the appropriate fields in the Summary section.
- Associate GST tax codes with reporting items, as necessary.
- Click Generate GST Amounts. The system calculates the G1 (total sales), G2 (export sales), G3 (other GST-free sales), G10 (capital purchases), and G11 (non-capital purchases) field amounts from the PR GST Report and displays the amounts on the GST/PAYG Amounts tab.
- On the GST/PAYG amounts tab, review and modify the amounts in the Sales or Purchase Amounts and GST Tax Amt fields, as necessary.
- Return to the Info tab and select to run the report. The system only records the total sales amount for the quarter in the Option 2 section of the HQ BAS GST report.
- File the report with the ATO.
- Repeat the above process for each quarter.
- When you are ready to prepare the annual GST report, repeat steps 1-9. When finished, select .
- File your annual GST return.