This topic provides information about the business activity statement (BAS) for Australia. The BAS is a form submitted to the Australian Taxation Office by all businesses to report their taxation obligations.
The business activity statement feature in Microsoft Dynamics 365 for Finance and Operations, Enterprise edition is designed to help you fill out your Business Activity Statement, commonly known as the BAS. It is very similar to the Calculation Sheet that the Australian Taxation Office provides you when you receive your BAS form in the mail. The taxation liabilities in the BAS include the following:
- GST amounts you owe the Australian Taxation Office from sales
- GST amounts the Australian Taxation Office owes you from purchases
- Pay-As-You-Go (PAYG) Tax Withheld
- Pay-As-You-Go (PAYG) Instalment
- Fringe Benefit Tax (FBT)
The following list provides an overview of the process to calculate GST and prepare the BAS in General ledger:
- Set up GST prerequisites. Refer to the table at the end of this article.
- Set up report boxes - You must set up BAS report boxes to report other non-GST tax liabilities and credits for a particular GST settlement periods.
- Post and settle Australian BAS to tax authorities for a particular GST settlement period.
- Process payments to tax authorities.
- Manually adjust journals to transfer non-GST transactions posted to the BAS reconciliation account to the correct ledger account.
- Print and review GST reports.
|Country/region||The primary address for the legal entity must be in the following countries/regions: Australia|
|Related setup tasks||
GST reporting codes
The BAS report layout is specific about how and where different amounts should be reported, about the fields that are added together and about linking the GST codes to the particular reporting codes. The GST reporting codes refer to a field number on the tax report for the report layout. The codes are linked by associating a GST code to a particular reporting code on the Report setup FastTab on the GST codes page.
Based on a quarterly BAS format, the following reporting codes must be set up. These reporting codes are associated with the field that appears on the BAS report.
|Report Layout||Reporting Code||Report Text||Field in BAS report|
|Default||1||G1 Total sales & income and other supplies||G1|
|Default||2||G2 GST free exports||G2|
|Default||3||G3 Other GST free supplies||G3|
|Default||4||G4 Input taxed sales & income and other supplies||G4|
|Default||7||G7 Adjustment payable||G7|
|Default||9||G9 and 1A Goods and services tax payable||G9 and 1A|
|Default||10||G10 Capital acquisitions||G10|
|Default||11||G11 Other acquisitions||G11|
|Default||13||G13 Acquisitions for making input taxed sales & income and other supplies||G13|
|Default||14||G14 Acquisitions with no GST in the price||G14|
|Default||18||G18 Adjustment (credit)||G18|
|Default||101||1C Wine equalization tax payable||1C|
|Default||102||1D Wine equalization tax refundable||1D|
|Default||201||1E Luxury car tax payable||1E|
|Default||202||1F Luxury car tax refundable||1F|
|Default||400||4 Pay As You Go Withholding||4|
|Default||501||5A Pay As You Go Instalment||5A|
|Default||502||5B Credit arising from reduced Pay As You Go instalment||5B|
|Default||601||6A Fringe benefit tax instalment||6A|
|Default||602||6B Credit arising from fringe benefits tax instalment||6B|
|Default||700||7 Deferred company/ fund instalment||7|
|Default||701||7A Deferred GST on imports||7A|
|Default||31||W1 Total of salary, wages and other payments||W1|
|Default||32||W2 Amounts withheld from salary, wages and other payments||W2|
|Default||33||W3 Amounts withheld from investment distributions where no TFN is quoted||W3|
|Default||34||W4 Amounts withheld from payment of invoices where no ABN is quoted||W4|
|Default||51||T1 Instalment income||T1|
|Default||52||T2 Commissioner’s instalment rate||T2|
|Default||53||T3 New varied instalment rate||T3|
|Default||54||T4 Reason for variation||T4|
|Default||61||F1 ATO-calculated fringe benefits tax instalment||F1|
|Default||62||F2 Estimated total fringe benefits tax payable||F2|
|Default||63||F3 Varied fringe benefits tax instalment||F3|
|Default||64||F4 Reason for fringe benefits tax variation||F4|
|Default||140||A1 Document identification number||A1|
|Default||1013||G13 Acquisitions for making input taxed sales, income and other supplies||G13|
|Default||1014||G14 Capital acquisitions with no GST in the price||G14|
|Default||1015||G15 Capital acquisitions for private use or with non-income tax deductions||G15|
The reporting code numbers 5 and 6 are missing. This is because these two codes are used for calculated fields on the BAS report.