Once you've completed your activity statement you need to record the ATO transaction. If you owe money to the ATO you'll record a Spend Money transaction. But if the ATO owes you a credit, you'll record this as a Receive Money transaction. Use the transaction you printed at step 8 in the 'To prepare your activity statement' procedure above to work out what to enter in the transaction. You could also look at the back sheet of your activity statement to get this information. The table below has a brief description of the BAS fields and whether they need to be entered as positive or negative values. BAS Field | Field Name | Description | Account number example | In Spend Money the entry is +/- | 1A | Goods and Services tax payable | This is the GST that you have collected. | 2-1210 | + (Positive) | 1B | Goods and services tax paid | This is the GST that you have paid. | 2-1220 | - (Negative) | 1C | Wine Equalisation tax payable | This is the amount of Wine Equalisation tax that you will need to pay if applicable to you. | 2-1370 | + (Positive) | 1E | Luxury car tax payable | This is to record the Luxury car tax that you will need to pay if applicable to you. | 2-1360 | + (Positive) | 4 | PAYG withholding payable | This is the total amount of PAYG that is withheld from employees and subcontractors. This field also includes amounts withheld for No ABN and also No Tax File Number. | 2-1370 | + (Positive) | 5A | PAYG Instalments | This is the prepayment of PAYG, which is based on total Income and the instalment rate that is set on your BAS/IAS form, or an instalment amount. | 1-1980 | + (Positive) | 6A | Fringe Benefits Tax Instalments | This is a prepayment of Fringe Benefits Tax based on a projection for the year. | 1-1340 | + (Positive) | 7 | Deferred Company funds Instalments | This field relates to those who are liable to pay deferred instalments under the company or fund instalment system. | 1-1990 | + (Positive) | N/A | Adjustments and Rounding Account | The BAS requires that whole dollars be reported, so some manual rounding of cents will be required. We suggest that you create an adjustments and rounding account to record the manual rounding of these adjustments. | Expense or Income Account | + (Positive) or - (Negative) |
To record the transaction- Go to the Banking command centre and click:
- Spend Money, if you're recording a payment to the ATO. The Spend Money window appears.
- Receive Money, if you're recording a receipt from the ATO. The Receive Money window appears.
- Enter the details as appears in the transaction you printed at step 8 in the 'To prepare your activity statement' procedure, above. Note that you should assign the N-T (not reportable) code to all transaction lines.
- Click Record.
Here's an example Spend Money transaction:
Here's an example Receive Money transaction:
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