Zoho Books helps you in generating the BAS report for your business based out of Australia. BAS report is generated with respect to the taxes that are given in the Australian Tax Office’s BAS report filing form.
Navigate to Reports -> Taxes -> BAS to access the report. You can use this GST return report from Zoho Books as a reference while filing your returns.
In the next few steps, you will learn about the following,
- GST Settings
- Switching Tax Basis
- Generating your first BAS report
- BAS Report Details
- BAS List
- Including previous transactions
- Filing a BAS Report
- Printing and Exporting a GST Return
For ease of access to the settings page, click on GST Return Settings present on top of the report table.
Clicking on that link will open this pop-up,
- Australian Business Number: An Australian Business Number (ABN) is a unique 11 digit number that identifies your business to the government and community.
- Reporting Period: You can choose your Reporting Period as Monthly, Quarterly or Yearly.
- Generate First Tax Return From: Select the date from which you wish to generate the report.
- Tax Basis: You can select either Accrual or Cash depending on the basis of how you run your business. Please note that this Tax Basis is different from your Organization’s Tax Basis.
Switching Tax Basis
In Zoho Books, you can switch your Tax Basis from Cash to Accrual, or vice versa. You can do that in two ways:
- Click on the Gear icon on the top-right corner and select Taxes.
- In the screen that follows, click on Tax Settings.
- Under Tax Settings, you can switch your tax basis to Accrual or vice versa and click Save.
- Head to the Reports section and click on BAS report under Taxes.
- Now, click on GST Return Settings and pop-up window will appear on the screen.
- Switch the tax basis of your choice and click Save.
- When you make a switch between your tax basis, it won’t be applied to previously or currently filed BAS reports, but will be applied to the upcoming BAS Report.
Changing the tax basis from Cash to Accrual will include all unpaid transaction in the upcoming BAS report.
Tax basis can not be changed from cash to accrual if you have partial payments or refunds recorded under your organization.
Generating your first Tax Return
The process of generating your first BAS report is really simple in Zoho Books. Navigate to Reports > Taxes -> BAS to access the report.
P.S: Please note that after generating a return, tax return settings cannot be modified, except for the tax basis. However, if you wish to update the settings, you will first have to delete all the generated returns.
BAS Report Details
Click here to know more about generating your BAS report.
You can also make a deep dive into the numbers that are shown in the boxes. Just click on the amount and you will be able to view the details related to the box.
The Status denotes whether the GST return is filed or not. The Balance Due will state the amount that has to be paid/claimed towards your return. You can generate a new BAS report only after filing the pending GST return. Also, the most recent report generated can be deleted by clicking on the Trash icon.
Including previous transactions
There might be a case wherein you want to record a transaction in Zoho Books for the previous BAS report which has been filed already. In this case, you can record the transaction for the previous date and file it with the current BAS report filing.
If you have not filed your current BAS report yet, you will have the option of including transactions from the previous period into it. To do so, click on the checkbox against Include previous period’s unfiled transactions and hit OK in the pop-up that follows to confirm your selection.
Enabling this option will include all the unfiled transactions, since the time the first BAS report was generated.
There might be times when you have to make changes in the current activity statement to increase or decrease the amount of GST to be paid for a reporting period. These changes are known as Adjustments. Click here to learn more about it.
Filing a BAS Report
After generating a BAS report, the next step is to file it to the Australian Tax Office (ATO). Once you’re done with the filing, you can mark the BAS report as filed. You can do it by choosing your BAS report and clicking on the Mark as filed button.
In the following screen, you can view the total tax amount, followed by the amount for which an adjustment has to be made. (if applicable.)
An adjustment would be necessary in case of the final tax amount containing cents rather than whole numbers.
For example, if your total tax amount is $970.87, then $970 will be taken into consideration, leaving behind $0.87. In this case, an adjustment has to be made for $0.87.
Once you make the adjustment, click OK to record the BAS report as filed. The cents adjustment that is added, is displayed in the bottom of the page. Click on the adjusted amount and it will display the details of the amounts recorded.
Printing and Exporting a GST Return
You also have the option to print a BAS report by clicking on the Print button. If you wish to export the report as a PDF file, click on Export As and select PDF.