BAS time in Australia always seems to roll around faster than you’d like. If you lodge your BAS quarterly, your first BAS for 2014/2015 is due on 28 October.
Your due date is written on the top of your BAS, and listed in your MYOB Essentials GST Settings. The ATO website also has a helpful guide to lodgement dates on their website.
MYOB Essentials makes it really easy to get the information to complete your BAS.
Setting up GST reporting in MYOB Essentials
Use the GST settings page to set up the way MYOB Essentials deals with your GST.
You should confirm the following with your accountant or MYOB consultant before setting up your GST reporting:
when you report your BAS (quarterly or monthly),
what you need to report (GST, PAYG instalments, FBT considerations), and
whether you report Cash or Accruals (that’s basically whether you report GST to the ATO when you make a sale - Accrual, or when you actually get paid for the sale - Cash).
After you’ve set up your GST reporting, each time you need to complete a BAS, you can simply run the GST Report for Activity Statement. This report displays totals for your GST and sales ready for you to copy directly into the fields in your BAS form.
So, in the example here, you enter $55.00 at the G4 field.
Filling in the W fields in your BAS
You’ll need to complete the W fields in your BAS to report any amounts withheld for PAYG.
From the payroll reports section, select Payroll Summary and Details.
Enter the dates for your BAS report and click Summary report.
From the report, enter the total of the Gross column in the W1 field, and enter the total of the PAYG column in the W2 field.
The W4 field is where you can record amounts you’ve withheld from suppliers for not providing an ABN.
The W3 field is for other amounts you’ve withheld not covered by W2 or W4. You can find out more about these on the ATO website.
Most people find they don’t need to report anything at W3 and W4.
The W5 field is the sum of W2, W3 and W4, so you may find that you enter the same figure at W2 and W5.
Remember to also write the amount from W5 at 4 in the Summary section of the BAS.
Lodging your BAS
The ATO gives you options to lodge your BAS electronically through the Business Portal. Lodging electronically may give you extra time to lodge and pay your BAS. Find out more on the ATO website.
Common GST mistakes in BAS reporting
If you can’t figure out where you’ve gone wrong with some BAS reporting, this blog post by Amanda Hoffman, founder of My Office Books and registered BAS agent may just sort you out.