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. |