Page tree

Versions Compared

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.
HTML Wrap
classsection group
HTML
<span data-swiftype-index="true">
HTML Wrap
classcol span_3_of_5

Once you have completed your Business Activity Statement (BAS) or Instalment Activity Statements (IAS), you need to record the payment owing to the Australian Taxation Office (ATO) or the credit you will receive from them.

You'll use your completed activity statement to help you record this transaction in MYOB. But all businesses are different so you might need help from an accounting advisor if the information below doesn't suit your specific business needs.

UI Text Box
sizemedium
typenote

Using bank feeds?

When your ATO payment or credit transaction comes through in the bank feed:

UI Expand
titleWhat information do I need to enter my ATO payment or credit?

What information do I need to enter my ATO payment or credit?

Grab your completed BAS/IAS and take a look at the back sheet. This has all the information you need to enter your payment or credit.

Here's a brief description of the BAS fields, the MYOB accounts they relate to, and whether the amount you enter in your transaction will be a positive or negative value (based on whether it's a payment or credit).

BAS Field

Field Name

Description

Example account number

If it's an ATO payment, enter the amount as

If it's an ATO refund, enter the amount as

1A

Goods and Services tax payable

This is the GST that you have collected. In MYOB the GST Balance account tracks both GST collected and paid to reflect the net GST liability. See the FAQ below for more info.

2-XXXX

+ (Positive)

- (Negative)

1B

Goods and services tax paid

This is the GST that you have paid. In MYOB the GST Balance account tracks both GST collected and paid to reflect the net GST liability. See the FAQ below for more info.

2-XXXX

- (Negative)

+ (Positive)

1C

Wine Equalisation tax payable

This is the amount of Wine Equalisation tax that you will need to pay if applicable to you.

2-XXXX

+ (Positive)

- (Negative)

1E

Luxury car tax payable

This is to record the Luxury car tax that you will need to pay if applicable to you.

2-XXXX

+ (Positive)

- (Negative)

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-XXXX

+ (Positive)

- (Negative)

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.

3-XXXX

+ (Positive

- (Negative)

6A

Fringe Benefits Tax Instalments

This is a prepayment of Fringe Benefits Tax based on a projection for the year.

2-XXXX

+ (Positive)

- (Negative)

7

Deferred Company funds Installments

This field relates to those who are liable to pay deferred instalments under the company or fund instalment system.

1-XXXX

+ (Positive)

- (Negative)

N/A

Adjustments and Rounding Account

The BAS requires that whole dollars be reported, so some manual rounding of cents might 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)

+ (Positive)

or

- (Negative)

Need to create an account? See Adding, editing and deleting accounts.

UI Expand
titleTo enter a payment to the ATO

To enter a payment to the ATO

  1. Go to the Banking menu > Spend money.
  2. In the Bank account field, choose the account the ATO payment is coming from.
  3. If you've set up the ATO as a contact, select this contact in the Contact (payee) field.
  4. Enter a Description of transaction.
  5. For the Amounts are option, select Tax inclusive.
  6. Enter the accounts and amounts for the transaction. Refer to the table above for guidance. This will be specific to your business, so check with your accounting advisor if you're unsure.

    UI Text Box
    sizemedium
    typenote

    We've used the same GST Balance account for the first two lines in our example and used the Description column to show GST collected and paid as taken from the BAS. If you use separate GST Collected and GST Paid accounts in your business, you can use these instead.

  7. When you're ready, click Record.
UI Expand
titleTo enter a refund (credit) from the ATO

To enter a refund (credit) from the ATO

  1. Go to the Banking menu > Receive money.
  2. In the Bank account field, choose the account the ATO payment is coming from.
  3. If you've set up the ATO as a contact, select this contact in the Contact (payee) field.
  4. Enter a Description of transaction.
  5. For the Amounts are option, select Tax inclusive.
  6. Enter the accounts and amounts for the transaction. Refer to the table above for guidance. This will be specific to your business, so check with your accounting advisor if you're unsure.

    UI Text Box
    sizemedium
    typenote

    We've used the same GST Balance account for the first two lines in our example and used the Description column to show GST collected and paid as taken from the BAS. If you use separate GST Collected and GST Paid accounts in your business, you can use these instead.

  7. When you're ready, click Record.
HTML
<h2><i class="fa fa-comments"></i>&nbsp;&nbsp;FAQs</h2><br>
UI Expand
titleWhat is the 'GST Balance' account?

What is the 'GST Balance' account?

The GST collected and paid on sales and purchases are sometimes tracked using default GST Paid and GST Collected accounts.

But if your accounts list has a single GST Balance account instead, this ensures that the net GST amount on your GST Return or BAS matches the net amount in the ledger. You can also set this account as your GST clearing account under your Report settings

Why a single account?

Benefits include:

  • The ledger records net GST by transaction regardless of the account type selected. A GST Balance account in the ledger prevents a mismatch between how GST is allocated in the ledger compared to the BAS/GST Return allocations.
  • It saves time when allocating BAS/GST Return payments as the payment doesn't need to be split between GST collected and paid.
  • Accountants love it because they often combine GST collected and paid accounts when preparing financial statements.
  • Gross and GST amounts can be viewed on the General ledger report, and the GST reports also can show Account Name and Account Number with sorting options.
HTML
</span>
HTML Wrap
width15%
classcol span_1_of_5
 
HTML Wrap
floatleft
classcol span_1_of_5
Panelbox
namemagenta
titleRelated topics
HTML Wrap
classsidebarlinks

Accounts list

Adding, editing and deleting accounts

Spend money

Receive money