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Omgpuppycat
Level 1
posted
‎August 28, 2024 04:14 PM
last updated ‎August 27, 2024 11:14 PM

Previously GST registered but now I'm not. Do I still need to do quarterly BAS?

Hey there,

 

Last financial year I was registered for GST and filled out a BAS quarterly. I paid quarterly PAYG instalments.

 

This year I shan't be working as much and so won't hit the threshold. 

 

I've already deregistered from GST. Do I still need to fill out quarterly BAS statements and PAYG?

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1 Comment 1
IntuitSheila
Level 8
‎August 28, 2024 05:10 PM

Previously GST registered but now I'm not. Do I still need to do quarterly BAS?

Hi Rosalind,

 

If you're no longer registered for GST and PAYG, you don't need to prepare BAS in QuickBooks Online, as long as your recorded transactions are free from GST tax codes.

 

Furthermore, since we're unable to turn off the GST in QuickBooks Online, you'll have to set your transactions to Out of scope. Here's also how to set your tax settings to Out of scope.

 

  1. Click on the Settings icon in QBO.
  2. Click on Account & Settings.
  3. Click on Advanced tab.
  4. Under Accounting tab, select Default tax rate selection to Out of scope.
  5. Click on Save and then click on Done.

When you create your transactions it should be set to Out of scope tax code to not calculate tax on them.

 

Post again in the Community if you have other QBO concern. I'm around to help you.

Reply