Businesses registered in Australia for GST must submit a Business Activity Statement (BAS) to report GST, PAYG and other taxes to the Australian Taxation Office.
In Business Central, this data is collated using GST Entries for the GST component and GL Entries for PAYG.
This manual covers the full process for completing a BAS Report. The improvements in the Australian BAS Improvements App are:
- Ensures only the GST Entries included in the calculation of a BAS Report are closed when settled.
- Standard will only close within the date range which will not include any open entries before the period. Its also possible not all combinations of Posting Groups will be included in a BAS Report e.g. There can be the need for 2 reports for one period like handling New Zealand reporting with a different set of GST Posting Groups.
- Improved Page layouts
- Hide BAS ID and BAS Version No. as this is confusing and integrates with old process
- Hide Submit button as not required
- Show BAS Report No, BAS Adjustment and Adjustment on VAT Entries