Home – New Forums Money matters BAS Statement

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  • #988208
    HTS
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    Hi there,

    I have been told that how you complete you BAS statement makes a difference to how much GST you have to pay.. just wondering if this is true?

    #1166164
    TehCamel
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    well.. yes. it’s true.

    if i put false figures on the bas, I’ll pay less. That’s a tongue in cheek answer though, and I don’t suggest you do that, nor do i do that myself.

    Possibly what you’re referring to is whether you report BAS details on a “cash” or “Accruals” basis.

    You can report BAS details separately to the way you actually account.

    So I might report in my books on a accrual basis. So for last quarter, I might show that I’ve invoiced out $5,500 inclusive of GST.
    Of that; I’ve collected only 2,500. (I might have some customers who are slow or whatever.)
    My books show revenue for the quarter of 5,000.

    When I report the BAS, I report on a Cash basis.
    So of the 5,500 I’ve invoiced, I should have $500 of GST to pay.
    However, because I’ve only collected 2,500 of the total I invoiced, I only report GST on what i’ve collected – thus my assessable GST is $250

    you’re not really paying less GST. You’re just paying less at that time.

    does that help ?

    #1166165
    Past-Member
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    If you nominate ‘cash’ basis, you must stick with it as the ATO asks you to nominate cash or accrual. The good thing with ‘cash’ is that you will only pay and deduct what you have already paid for or received in payment so it’s easier to work out. That’s what I use.

    #1166166
    Dave Gillen – Former FS Concierge
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    Hi HTS,

    Welcome to the forums! Feel free to pop over to say hi in the “Introduce Yourself” section.

    Good luck and hope to see you around. :)

    Dave

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