Every time you create an invoice or expense, QuickBooks will know if you should add GST. Investigate issues with your BAS, using reports like ‘Transactions without GST’ and ‘Transactions by tax code’.
Calculate, organise, overcome
QuickBooks helps you cut activity statement stress by auto tracking and calculating your obligations. You’ll always know how much you owe and when it’s due, so you’re ready to lodge your BAS quickly and easily.
Lodge BAS without leaving QuickBooks
QuickBooks Online makes lodging BAS even easier with electronic lodgement. Now you can prepare and e-lodge activity statements directly from QuickBooks Online. No portals or complicated workarounds, simply prepare, e-lodge, and exhale.
Review, reconcile, rest easy
QuickBooks Online creates a BAS summary for you to review before you lodge. You’ll be notified of any changes to old transactions, and they will carry over to your next summary.
Goods and Services Tax (GST) is a broad-based tax of 10% on most goods, products, services, and other items sold and/or consumed in Australia.
After a business registers for GST, they will generally include GST in all pricing for their goods and services. In addition, they can claim credits for the GST they include in the prices of all goods and services they purchase.
Do I need to register for GST?
If your business ‘GST turnover’ is more than $75,000 per year or if you are a taxi driver, you will need to collect and pay a 10% Goods and Service Tax (GST).
Business Activity Statement (BAS) is a tax reporting requirement for businesses. It is issued by the ATO on a monthly or quarterly basis.
The BAS is used for reporting and paying GST, PAYG instalments, PAYG withholding tax and other tax obligations.
When an ABN (Australian Business Number) and GST is registered for your business, the ATO will automatically provide a BAS when it’s time for lodgment.
It’s important to remember that ALL businesses registered for GST need to lodge a BAS by the due date.
How do I lodge BAS?
With all your data in one place, QuickBooks Online makes it easy for you to prepare a business activity statement. Simply ask your QuickBooks to ‘prepare BAS’ in our tax centre, and we’ll do the number crunching for you.
Once we’re finished, your activity statement will be ready to e-lodge directly with the ATO.
What is e-lodge and how does it work?
You can now lodge your BAS directly with the ATO without ever leaving QuickBooks. e-lodge (or electronic lodgement) helps you save time, reduce errors and stay compliant in just a few clicks.
If you have GST or PAYGW obligations, you can prepare and lodge your BAS straight from QuickBooks Online. You’ll no longer need to copy your BAS info to a paper form or login to the ATO business portal or MyGov.
Once you’ve prepared your BAS in QuickBooks Online, Simply follow a few simple steps to connect to the ATO and e-lodge your BAS.
You’ll always be ready for tax time with QuickBooks