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Contributing User Ela12
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Ela12
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BAS

Hi,

 

due to the end of year workings our accountant has advised me to adjust the GST figures for the next BAS to bring them in line with the adjustment they have done on the company file. We are supposed to receive about $13,000.00 in GST. When I run my GST report for the EOM and compare these firgures with my Balance Sheet it will come up with the difference as advised by the accountant.

 

I have never had to do this but do remember that it was mentioned in my Cert IV course and would appreciate if someone could confirm that I am on the write track or totally wrong...

 

Do I just adjust  the GST for purchases figure by the amount to match the figure with the Balance sheet and accountant ($13,000 x 11)?

 

Many thanks

Ela

 

 

3 REPLIES 3
MYOB Moderator Steven_M
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Re: BAS

Hi @Ela12

I would recommend speaking to your accountant in regards to adjust the GST purchase value and how that should be reported on your BAS.  This is due to the fact that each company has their own reporting requirements and each company may have different GST/adjusting requirements.

Kind regards,
Steven

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Ultimate Partner DuncanS
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Re: BAS

Ela,

 

Given the amount of $13,000, I suggest that the Tax Agent lodge the BAS in this instance.

 

The ATO can then converse directly with the Tax Agent if they have any questions.

 

Hope this helps.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
Community Manager Suja_P
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Re: BAS

Hi Ela (@Ela12),

 

I trust the responses you received were useful to you. Please post again if you need further assistance or anytime you need help. We're happy to assist.

Cheers,
Suja Pillai

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