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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. This support note provides guidelines on recording this transaction.
Note: A Tax Rate of NTR is used in the examples in this support note, but may not be applicable in your circumstances. Please seek clarification from your accounting advisor or the ATO regarding the GST reporting requirements for your business.
What information do I need to enter my ATO payment or credit?
You will need to have access to your BAS/IAS. From this you will need to look at the back sheet. This will give you the information needed to enter your transaction.
The table below provides a brief description of the BAS fields and how an ATO payment is entered, in other words positive or negative, using a Spend Money transaction. For refunds from the ATO, this would be reversed.
BAS Field | Field Name | Description | Example Essentials account number | In Spend Money the entry is +/- |
1A | Goods and Services tax payable | This is the GST that you have collected. | 2-1100 | + (Positive) |
1B | Goods and services tax paid | This is the GST that you have paid. | 2-1160 | - (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. | 2-1510 | + (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. | 3-1980 | + (Positive |
- On the Banking menu, click Spend money. The Spend Money page appears.
- In the Pay from field, select the account the ATO payment is coming from.
- If you have set up the ATO as a contact, select this contact in the To field.
- In the Notes field, specify what this payment is for.
- In the Amounts are field, select Tax exclusive.
- Enter the accounts and amounts for the transaction. If additional lines are needed, click Add Lines. See our example transaction below.
- When all lines have been entered, click Save.
If you are to receive a refund from the ATO you will need to record it through a Receive Money transaction. The allocation accounts will be the same as those for an ATO payment. When entering the amounts in the Receive Money window, they should be entered opposite to the table above.
- On the Banking menu, click Receive money. The Receive Money page appears.
- In the Deposit into field, select the account the ATO payment is going into.
- In the Notes field, specify what this transaction is for.
- In the Amounts are field, select Tax exclusive.
- Enter the accounts and amounts for the transaction. If additional lines are needed, click Add Lines. See our example transaction below.
- When all lines have been entered, click Save.
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