Every time you create a new invoice or expense, QuickBooks will remember if you added GST or not to that type of transaction. Investigate issues with your BAS using reports like Transactions without GST and Transactions by tax code.
Calculate, organise, overcome
QuickBooks helps you overcome activity statement stress by automatically tracking and calculating GST and your other obligations. You’re always up to date on how much you owe and when it’s due so you’re ready to lodge your BAS quickly and easily.
Prepare, lodge, exhale
With all your data in one place, QuickBooks makes it easy to prepare your activity statements. Accurate statements are automatically created and delivered, ready for you to lodge with the ATO.
Review, reconcile, rest easy
QuickBooks Online automatically creates a BAS summary for you to review before you lodge. You’ll be notified of any changes to previous transactions and they will be carried over to your next BAS summary.
GST or Goods and Services Tax is a broad-based tax of 10% on most goods, products, services, and other items that are sold and/or consumed in Australia.
After a business or organisation registers for GST, they will generally include GST in all pricing for their goods and services. In addition, they can also claim credits for the GST that is included in the prices of all goods and services that are purchased for their business.
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 have to collect and then pay a 10% Goods and Service Tax (GST).
BAS or Business Activity Statement is a tax reporting requirement for businesses that is issued by the ATO (Australian Taxation Ofﬁce) on either 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 ‘marked as lodged’ and ready for you to share directly with the ATO.
You’ll always be ready for tax time with QuickBooks