Just in time for end of financial year, our brand sparkling new tax centre has started rolling out for all QuickBooks Online customers in Australia.
What you can look forward to with the new tax centre:
- Native support for BAS and IAS lodgements
- A whole new and simplified Business Activity Statement (BAS) preparation experience
- Updated back end journal adjustments based on user feedback
- Ability to apply payments against any lodgement
- Small businesses can lodge IAS and BAS direct from QuickBooks to the ATO
We know you might have questions about how and when these updates will be available, so we’ve created this post to provide answers and updates throughout end of financial year.
Our GST Centre Update FAQs in our community will have all of your answers, but we’ve included the most important answers directly below.
What will change after I update?
Your updated GST centre features several enhanced capabilities, including:
- Support for monthly IAS
- No more correcting journal entries or removing BAS-W1 and BAS-W2 to get monthly reporting correct
- Ability to lodge IAS separately with relevant obligations only
- Journal entries will default to the last date of the filing period automatically
- More detailed lodgement journal entries
- Updated names for BAS Suspense (ATO Clearing Account) and BAS Liabilities (GST Liabilities) in your chart of accounts
- Ability to enable BAS-W1 and BAS-W2 tax codes without having to run payroll first!
How does the update work?
When your QuickBooks is eligible to update, you will see a notification and a green Update button in the upper right-hand corner of the GST dashboard.
After clicking the Update button, select your tax obligations and frequency, and QuickBooks will automatically make all the necessary changes to support the new Tax Centre, including renaming the BAS Suspense account to ATO Clearing Account and creating new liability accounts based on your tax obligations.
I want to update but I don’t see the update button. When can I update?
Most of our customers will have the option to migrate in the coming weeks, and we will continue rolling out the migrate option to more customers over the coming months based on the complexity of their tax setup.
Do I have to update right now?
We know change can be challenging, especially near the end of financial year, so our update is completely optional for now – but don’t let that stop you from upgrading, as we think you’ll love the changes. We will be migrating all customers at a later date, and will notify all customers in advance prior to any changes to your tax experience.
Can I move back to the old GST centre after I update?
We have done extensive testing with current and new users for our new tax experience, and we are confident the benefits gained vastly outweigh the current experience. That being said, once the upgrade has taken place, you cannot go back. We are always interested in feedback related to our product experience, so if there is something needed or missing in our updated experience, please share that directly via in product feedback.
Where can I learn more about GST and QuickBooks in general?
Introducing e-lodgement for IAS and BAS
We are also happy to announce that QuickBooks small business customers will soon be able to lodge IAS and BAS electronically to the ATO right from QuickBooks!
We anticipate you have questions about this as well, and have prepared some answers below as well.
When will e-lodgement be available?
We already have customers lodging BAS electronically in QuickBooks, and are so excited to extend this capability to help all of our customers save time lodging BAS.
We will be rolling out the ability to Connect QuickBooks with the ATO and lodge BAS electronically over the coming weeks for QuickBooks customers already on our updated GST experience.
How can I enable e-lodgement?
If your QuickBooks is on the updated GST experience, when e-lodgement is available you will see a notification inside the upper right hand corner of the GST dashboard.
Once you have authorised QuickBooks as your software provider with the ATO by phone or ATO Access Manager, QuickBooks will be ready when your next lodgement comes due.
Is connecting QuickBooks with the ATO required?
Yes, to lodge BAS electronically through QuickBooks you are required to authorise QuickBooks as your software provider with the ATO.
If you wish to continue lodging BAS on paper, via MyGov or through your BAS agent you are not required to connect QuickBooks with the ATO.
Where do I input my BAS agent details?
QuickBooks is enabling BAS E-lodgement for small business owners only at this time.
If any business owners have questions or concerns about lodging BAS, we recommend they connect with a BAS or tax professional for assistance.