Where do I enter PAYG instalment
I’m trying to "Create a BAS report" (not "File with MYOB") and the ATO has prescribed a PAYG amount for me to pay. I can't find anywhere to enter this amount when preparing the BAS. The BAS total in ...
Forum Discussion
Hi SteveB0000,
Thanks for following up! Where you enter a PAYG income tax instalment depends on what you’re recording. If you’re recording the business payment in your BAS tracking, enter it as a Spend Money transaction and allocate it to your tax or PAYG instalment asset account. As the correct treatment can depend on your circumstances, it’s a good idea to check with your accountant. You can also read more in our guide to entering data in your activity statement.
Cheers,
Princess
You're confusing generating a BAS report with making a BAS payment . I know how to make the payment and how to categorise PAYG in it.
What I need is a BAS report. This report needs to include the PAYG amount the ATO has prescribed for me to pay each quarter. In AccountEdge you enter this amount in BAS Setup and it appears in every BAS statement at T7 and is added to the GST you owe to give a net amount owed to the ATO. MYOB online has no such functionality. It generates a report that ends with "Net payment or refund" but omits PAYG entirely. You need to add the PAYG amount to MYOB's "net" total to get the total you actually owe.
I just connected MYOB to the ATO and prepared my BAS that way, and I can confirm that this process does have a PAYG section where you enter a prescribed PAYG amount (or prescribed percentage), which is then added to GST to give a true the net amount owed.
So can we agree here that MYOB online 's "Generate BAS Report" doesn't work? It generates a GST report to which you must add your PAYG instalment. The BAS report you save to disk will be incomplete.
