BASlink is a feature that helps you lodge your Business Activity Statement (BAS) or Instalment Activity Statement (IAS). For information on how to set up your BASlink, see Lodge your activity statement (BAS or IAS).
If you're having trouble along the way, here's a series of FAQs to help you find a solution.
In this topic:
Yes. PAYG withholdings must be reported.
Superannuation is outside the scope of the GST and does not need to be reported. Although workcover is accrued in payroll, it does not need to be reported in any W fields. There is however GST on Workcover premiums that may be claimed as an input tax credit.
You need to specify this in the BASInfo area of BASlink. Click the BASInfo button, and then navigate to the GST reporting frequency field. Choose the Quarterly option from the drop down window. Then navigate to the Withholding reporting frequency field and choose monthly (medium withholder) for PAYG Withholdings. BASlink will then report correctly for GST and PAYG according to their different periods.
No. You must either manually fill out the BAS or IAS sent to you by the ATO or lodge your BAS/IAS electronically. The reason you cannot send in the printed BAS/IAS is that the ATO copy has a barcode on it and the ATO require this copy for processing.
For information on how to set up your BASlink, see Lodge your activity statement (BAS or IAS).
When saving the BAS template it will save all the codes and accounts that you have linked to the template. This means the next time you go into the template in BASlink it will update the 'G' and other fields on the BAS automatically provided BASlink is filtered correctly.
The BASlink settings and files will be copied to the new version during the upgrade process. For more information see Installing and upgrading to the latest AccountEdge.
Yes. You can have as many templates saved in the BASlink Setup folder as you like.
Your activity statement setup, including certain default values, will be saved when you exit BASlink by clicking the Save Setup & Exit button. This will save your BAS/IAS field setup in your BASlink setup folder using a combination of your ABN and Branch ABN or Tax File number as the file name (This setup will be used as a template when you next complete your activity statement)
If you use BASlink for more than one company and the setup of each company is similar, you can use the Save As command in BASlink. Go to the File menu choose Setup and click Save As. You need to name the file using the combination of the company's ABN and Branch ABN (or the Tax File Number if it is an Instalment Activity Statement setup file) in order for BASlink to automatically use the setup file for each company.
Yes. To copy the setup file to another computer, open the BASlink/Setup folder in Windows Explorer and copy the .bas file to an external storage device, like a USB drive. Copy the setup file to the other computer's BASlink/Setup folder.
In these situations, the transaction needs to be 'split up' into GST taxable and non-GST taxable lines. For GST taxable lines, the GST amount is always 1/10 th (exclusive basis) or 1/11 th (inclusive basis) of the line total. In this way, BASlink can correctly calculate GST collected and paid at G9 and G20 by dividing G8 and G19 by 11.
A purchase is made for $10,000 whereby $5,000 is subject to a 10% GST and $5,000 is a GST-free supply. The total tax inclusive value of the purchase is therefore $10,500. When entering the purchase in your software, you need to split the transaction into two lines. Assuming the purchase is entered as tax inclusive, the first line should have $5,500 allocated to the GST tax code, so that $500 GST is calculated. The second line should have $5,000 allocated to the FRE (GST-free) tax code, so that no tax is calculated. In this way, the GST is stated as 1/11 th of the taxable supply and BASlink can calculate the correct GST paid at G20.
Some retailers that deal with a range of GST-free, taxable and mixed sales who do not have an adequate point of sale (POS) system and an annual turnover less than $1 million ($2 million in the 1st year), can use one of the ATO's simplified accounting methods.
Three simplified accounting methods have been introduced, which relate to trading stock only. Businesses will still need to separately account for other sales such as the sale of capital equipment, and other purchases such as rent, phone and other operating expenses.
All purchases need to be included at either G10 or G11. All purchases with no GST in the price need to be included at G14.
All reportable income needs to be shown at G1. This income is then 'broken down' in G2, G3 and G4. Hence if the tax codes relating to G2, G3 and G4 are not selected in G1 you will not get the option to link them to G2, G3 and G4.
Instalment income at T1 is, as a general rule, the assessable gross ordinary income derived in the instalment period for the income year. Do not include the GST, WET or LCT you charge your customers, clients or tenants in your gross ordinary income. There are specific instructions for calculating instalment income for partners and beneficiaries of trusts.
Any transactions with N-T (no tax) tax codes are outside the scope of GST and are not reported on the BAS. Examples of N-T items are depreciation, bank transfers, and stock movements.
Yes. Simply click on the Setup button next to the BAS code and remove the X next to the tax code.
In these circumstances, you should contact the ATO. The ATO have a hotline to ring on this topic; Ph 13 2478 within Australia.
The BASlink template is saved by default into the BASlink setup folder using a combination of your ABN and Branch ABN (if you have one) as the file name, with a file extension of .bas This template should be used every time you complete your BAS. When you upgrade your software, you need to copy across this file from the Setup folder in the BASlink folder in the old version of your software, to the Setup folder in the BASlink folder in the new version of your software. You will then be able to select this template in your new software.
When a company file is rolled over to a new financial year, all closed transactions (such as sales and purchases that have been fully paid) are purged. This means that in order for BASlink to extract all the relevant financial data for the 4th quarter, you will need to restore a backup taken before rolling over the financial year in order to complete your 4th quarter BAS.