Prepare the BAS return
To file a BAS return, the following highlighted fields must be populated in the P Company Information Sheet:
- Company address (1)
- Locality name
- Postcode
- State or territory
- Phone area code. Do not use spaces.
- Phone number. Do not use spaces.
- Email address
- ABN Number. Do not use spaces.
- Tax File Number (TFN). Do not use spaces.
- Organisation Branch Code. The branch code is a required field when filing the BAS return electronically. Enter the code without leading zeros. You can find the branch code on your activity statement, or contact your tax advisor to obtain a branch code.
- Tax Agent Number. Required if you have the tax authority file on your behalf. Do not use spaces.
- You need to populate the Tax Agent Number field if you have the tax authority file on your behalf.
BAS Return Calculation Options
Methods
Taxpayers have two methods of completing their Business Activity Statement:
- Accounts method
- Calculation worksheet method
The default setting for the Accounts method? check box on the P sheet - Company information is No, which indicates the calculation worksheet method is used.
- If the Accounts method? box is checked, boxes G9 and G20 are populated from tax codes. Imported amounts will flow into those boxes.
- If the Accounts method? box is clear, boxes G9 and G20 are calculated as (G9 = G8/11 and G20=G19/11).
See the ATO website for details about the differences between the methods.
Irrecoverable GST Included in Net of GST Amount
The default setting for the Irrecoverable GST included in net of GST amountcheck box on the P sheet is No. All the partially and fully irrecoverable tax codes are impacted by this selection box. You must set the selection box correctly, based on whether the irrecoverable GST is included in the net amount in the ERP extract. When the selection box is set correctly, the I or N schedule calculates the correct amount of irrecoverable or recoverable GST automatically.
Use Accounting Calculation Method
The default setting of the Use Accounting Calculation Method? check box in P sheet is No. This check box does not impact calculations. It populates the AccountingPolicies.CashAccountingMethodUsed.Indicator field in the EFILE$ schedule. The purpose is to inform whether the accounting calculation method is being used by the user.
If the monthly GST return has quarterly FBT, PAYGI, or PAYGW, check the Use accounting calculation method? checkbox and update the fields in the List period overrides section to reflect the current quarterly period.
note
This is required only if the monthly GST return has a quarterly FBT, PAYGI, or PAYGW filing obligation.
GST Performance and Profile
The B1 GST Performance and Profile sheet is optional and not present by default. To add this sheet, select Insert > Insert sheet on the toolbar ribbon and select GST Performance and Profilefrom the list of options.
Financial statements and adjustments that explain the difference between BAS and Accounting data need to be entered manually on the GST Performance and Profile sheet.
note
This was set up following the GAT (GST Analytical Tool) example, which you can fine at https://www.ato.gov.au/law/view/document?docid=JTR/GAT-TOP1000.
This sheet lets you reconcile the BAS and Accounting data and show the analysis from applying the GAT in the requested format for a Top 1000 taxpayer.
Partial Exemption
According to the ATO ruling, the revenue for partial exemption purposes "may be either net revenue or gross revenue depending on which provides the more appropriate reflection". ONESOURCE Indirect Tax Compliance calculates the net revenue by default.
Calculation of gross revenue requires manual intervention in the C sheet.
GST values should be added to the adjustment section to reflect the Value of all Supplies and the Value of Taxable Supplies in Gross.
Depending on the method of completing the Business Activity Statement, the partial exemption adjustment will be reported in the:
- Box 1B for accounts method
- Box G18 for calculation worksheet method
See the ATO web site for details about the reporting the adjustments.