Hi All, Last night I logged into my BAS portal to check the recent statement and found the ATO has updated it and simplified it a lot. There are only 5 fields to fill in now, Total Amount Earned, GST Received Capital Purchases Non Capital Purchases GST Paid This seems to be quite simple so I want to do it myself. I have a fairly small and straight forward business so if I enter all the money I received this quarter and add non-capital purchases (I don't have any capital purchases) should that do it? I want to start doing BAS myself so I can go to the accountant once at the end of the year. Thanks
Which programme do you use to run your business accounts? I use xero, it makes it super simple. However, the ATO portal is really painful I find. Always having log in difficulties, updates, changes etc. Blacky
Your bookkeeping system will make it easy to generate BAS reports. Xero, Saasu, MYOB, Reckon/Quickbooks, etc If you don't have a bookkeeping system, I don't suggest trying to do BAS yourself.
I use waveapps. Its a free one. Generates the GST report at the end of the quarter. It is not as sophisticated as XERO or MYOB probably but I use it to sync with my bank account to pull operating expenses and income coming into my business bank account. I then tag all transactions which have a GST component and categorize them according to my chart of accounts. End of quarter when I run the report it gives me total GST received and total GST paid. Is that enough?
The simplified BAS now excludes some choice. Some will be annoyed when they see their first new BAS of the year.
