Australian GST Summaries

Richard

Have you been using the tax codes (GST for sales with GST, FRE for GST sales, INP for input taxed sales such as interest, residential rent, NCG/CAG for creditable acquisitions, NCF/CAF for acquisitions with no GST in the price, NCI/CAI for acquisitions made for the purpose of making input taxed supplies)? Not to mention if you have wine taxes as well to deal with.

If you have been using the codes, then go to Reports>Tax to find the suite of tax reports to help you prepare you BAS/Annual Summary. They include a facsimile of a simplified BAS form (each of the buttons needs to be clicked and the appropriate codes selected).

You need a routine to reconcile your entries to your paper records and to make sure all your codes are correctly recorded.

The BAS form itself will only work for a quarter, but you can get the Tax Summary and Tax Detail reports to work for a 12 month period.

Make sure that your tax preferences match your registration condition (cash or non-cash)

If you have not used the codes correctly or at all, you will need to either first correct/enter the codes or you will have to use something like the General Ledger report to calculate your requirements.

Or you might like to get some help from your accountant or a QuickBooks expert who know their way around these issues.

Bob Williams

Richard

I should have added

Totals of the codes lead to the form labels as follows"

Value of total supplies/acquisitions (including GST)

GST, FRE, EXP, INP equals G1 EXP = G2 FRE = G3 INP = G4 (not included at this label in simplified BAS, but include in G1 above

CAG, CAF, CAI = G10 NCG, NCF, NCI = G11

If you report G1 as exclusive, make sure you note the flag below it.

You get these totals from the Tax Summary report. Go to Modify Report>

Advanced and select Non zero for columns and rows to get rid of a lot of "noise", and Gross to help with the final numbers.

Hope this helps.

Bob Williams

Hi Bob Thanks (I think ;-) )

1. I don't deal or sell in wine.
2. I use GST for sales
3. I use NCF & NCG for purchases.
4. The Accountant does the rest. However ( & This is my prob) he has left me to do the summaries for my 2 companies. He did give me the numbers for G10 & G11 for one companies form. I jsut can't work out how he arrived at those numbers so I can apply same process to company #2's GST Summary.

I'm afaid after reading your info a couple of times, I suspect your thinking in a lot more depth than I need? I just want to figure out what report I need to run & which items I need to add together to get the GST annual report done. If what your suggesting is correct, no wonder small business in this country is dieing under the weight of the ATO paper shuffle :-0

Any chance you can simplify it a little for me. FWIW we do CASH basis for GST. A small retail shop, buying things in & reselling them We have bought a couple of appliances which are being depreciated.

Thx in advance

Did my second post help??

Try the Tax Summary Report first. But you need to have used the tax codes in the transactions.

If not, you will probably need some professional advice to extract the data.

Contact me off group on bobatosmondridgedotcomdotau

Remove the obvious and replace with the usual symbols.

Bob

Bob

Hi Bob I was just working through what I think(?) you said in your 2nd post. I've not used that report before as it always showed 0's. (I just thought it was a sample report or something) Anyhow I just put your codes in and ended up with accountants number for G10 & G11 was close & within $400 of the figure the accountant gave me. I know this will horrify you (as an accountant) but +/- $400 on G11 is good enough for me. I'll do this process for the other company & get some numbers for G10 & G11. They will have to be closer than the totals I was getting from the dart board. (& if ATO want $500 i'll send them a chq. - maybe I should just add $400 to G11 right now.) Thx for your assistance.

If you make an error on the BAS make sure it is in their favour!!

The pain of it is the other way is not worth it.

You might find it worth getting someone to check your work after it is done and dusted.

Bob