Business Activity Statements

Overview

Australia-based business owners and companies need the ability to run and manage Business Activity Statements (BAS) to report their taxes to the Australian Tax Office. The Business Activity Statements screen in Core allows you to create and review BAS report where values are pulled automatically by Core, but you can enter any payroll numbers that are not tracked by it. Core uses your existing accounting data to pre-fill the various fields on this Government form and complete the various sections. You can also review your previously completed final or draft BAS reports and easily share the statements with your accountants or others by exporting them as PDF, Excel or CSV files.

Field Descriptions

Basic Tasks

Create Business Activity Statements

View Reports

Advanced Tasks

Download BAS

Email BAS

Print BAS

Convert to Draft

Mark Screen as Favorite

Field Descriptions

Field Name Field Description
Business Activity Statements > List View >
Start Date/End Date The date range gives you the flexibility to prepare and submit reports for any period.  
Status The status of BAS can be draft or final.
Amount Due/Owed Payment amount due from Australian Tax Office or owed to ATO.
Business Activity Statements > Detail View >
ABN It is the Tax ID of a company.
Goods and Services Taxes The invoice amount paid with the Write-Off, Debit or Trust Fund payment method (cash type accounting) is not included in the total sales (G1). Example: If the invoice amount is $100 and you pay the full invoice by writing it off by $100 or applying a debit payment to it, the BAS displays $0 as the amount in sales. Also, the draft invoice amount is not included here. Similarly, GST/Sales Tax Inclusive is not shown on the BAS for the debit, write-off or trust fund payments.
Pay Tax Withheld

This section includes the following:

  • W1: Total salary, wages and other payments
  • W2: Amounts withheld from payments shown at W1
  • W4: Amounts withheld where no ABN (Tax ID of the company) is quoted
  • W3: Other amounts withheld (excluding any amount shown at W2 or W4)
  • W5: Total amounts withheld W2 + W4 + W3
PAYG Income Tax Installment

Pay As You Go (PAYG) is a system of withholding income tax from employee or contractor's salary (wages). So a company or an employer pays the income tax directly to the Australian Tax Office (ATO) on behalf of the employee or recipient of the salary. This section includes the following:

  • T7: Installment (copy from BAS); If varying this amount, complete T8, T9 and T4
  • T8: Amounts withheld from payments at W1 (estimated tax for the year)
  • T9: Amounts withheld where no ABN (Tax ID of the company) is quoted (varied amount for the quarter)
  • T4: Other amounts withheld excluding that shown at W2 or W4 (reason code for variation)
Amounts You Owe to the Tax Office

This section includes the following:

  • 1A: GST or Sales Tax on sales
  • 4: PAYG tax amount withheld
  • 5A: PAYG Income Tax Installment
  • 8A: Total owed to the ATO
Amount the Tax Office Owes You

This section includes the following:

  • 1B: GST or Sales Tax on purchases
  • 5B: Credit from PAYG income tax installment variation
  • 8B: Total owed by the ATO

 

Create Business Activity Statements

To create BAS:

  1. Open the Reconciliations screen from the side menu > Accounting > Reconciliations.

    reconciliations_BAS.png
  2. In the list view, click More > Prepare Activity Statement (BAS).
  3. On the Business Activity Statements screen, click Create New on the top-right.

    BAS_create_new.png

  4. On the Create Business Activity Statements screen, enter the required information:

    • Start Date/End Date: The date range gives you the flexibility to prepare and submit reports for any period.  

      BAS_create2.png

  5. Core automatically pulls the relevant accounting data to pre-populate some of the sections, except Payroll and Tax. You can check the Goods and Services Taxes (GST) section and add/edit values for:
    • Pay Tax Withheld: This section includes the following:
      W1: Total salary, wages and other payments
      W2: Amounts withheld from payments shown at W1
      W4: Amounts withheld where no ABN (Tax ID of the company) is quoted
      W3: Other amounts withheld (excluding any amount shown at W2 or W4)
      W5: Total amounts withheld W2 + W4 + W3

    • PAYG Income Tax Installment (Option 1): Pay As You Go (PAYG) is a system of withholding income tax from employee or contractor's salary (wages). So a company or an employer pays the income tax directly to the Australian Tax Office (ATO) on behalf of the employee or recipient of the salary. This section includes the following:

      T7: Installment (copy from BAS); If varying this amount, complete T8, T9 and T4
      T8: Amounts withheld from payments at W1 (estimated tax for the year)
      T9: Amounts withheld where no ABN (Tax ID of the company) is quoted (varied amount for the quarter)
      T4: Other amounts withheld excluding that shown at W2 or W4 (reason code for variation)

    • Amounts You Owe to the Tax Office: This section includes the following:
      - 1A: GST or Sales Tax on sales
      - 4: PAYG tax amount withheld
      - 5A: PAYG Income Tax Installment
      - 8A: Total owed to the ATO

    • Amounts the Tax Office Owes You: This section includes the following:
      - 1B: GST or Sales Tax on purchases
      - 5B: Credit from PAYG income tax installment variation
      - 8B: Total owed by the ATO

    • Payment: The payment amount is calculated as GST on Sales - GST on Purchases. Example: If the GST on sales = $300 and GST on purchases = -$15, the Payment Amount = $300 - $15 = $285.

  6. Choose the Save option: Save as Final or Save as Draft. Depending on your company’s workflow, you might need to revisit the draft at a later time and finalize it. After finalizing BAS, it becomes read-only.

The BAS record is displayed on the grid.

Note: The invoice amount paid with the Write-Off, Debit or Trust Fund payment method (cash type accounting) is not included in the total sales (G1). Example: If the invoice amount is $100 and you pay the full invoice by writing it off by $100 or applying a debit payment to it, the BAS displays $0 as the amount in sales. Also, the draft invoice amount is not included here. Similarly, GST/Sales Tax Inclusive is not shown on the BAS for the debit, write-off or trust fund payments.

View Reports

To view a report:

    1. Open the Reconciliations screen from the side menu > Accounting > Reconciliations.

    2. In the list view, click More > Prepare Activity Statement (BAS).

    3. On the Business Activity Statements screen, click More > View Reports.

      BAS_reports.png

    4. Select a report from the Report List dialog. It opens in the viewer.

    5. Preview the report and then choose to export or print it.

Download BAS

You can download the details of the BAS as a PDF file directly.

To download BAS:

    1. Open the Reconciliations screen from the side menu > Accounting > Reconciliations.

    2. In the list view, click More > Prepare Activity Statement (BAS).

    3. On the Business Activity Statements screen, select the BAS on the grid whose details you want to download and click  to select Download PDF. You can also access this option from the details view under the Actions menu.

      BAS_download_PDF.png

    1. It prompts you to save the PDF at the relevant location, say your Desktop. Click Save.

Email BAS

To email BAS to a client:

    1. Open the Reconciliations screen from the side menu > Accounting > Reconciliations.

    2. In the list view, click More > Prepare Activity Statement (BAS).

    3. On the Business Activity Statements screen, select the BAS on the grid which you want to email and click  to select Email. You can also access this option from the details view under the Actions menu.

BAS_download_PDF.png

    1. On the Compose Email dialog, enter the required information:

      • To: You can send an email to multiple recipients and also copy them using the CC and BCC options. You can click on the Choose Contact icon to open the Address Book and select multiple individuals or groups to email. However, if you are using a trial version of Core, it does not allow more than 3 distinct recipients at a time. For paid subscriptions, this limit is 50 recipients at a time.

      • Subject: Subject line of the email.

      • Message: It can be entered and edited using the formatting toolbar.

    1. Click Add Attachments at the bottom if you want to attach any files to the BAS. You can also drag-and-drop any file into the Compose Email window from your desktop or email program. Then click Send Message.

If the email is sent to an address that is no longer working, there is a bounce-back email sent to let you know about this.

Note: You cannot remove the default or system attachments. Only user-defined attachments can be added or removed. Core restricts the file size of the attachments to 10 MB and sends the attachments as a single zipped file.

Print BAS

To print BAS:

    1. Open the Reconciliations screen from the side menu > Accounting > Reconciliations.

    2. In the list view, click More > Prepare Activity Statement (BAS).

    3. On the Business Activity Statements screen, select the BAS on the grid which you want to print and click  to select Print. You can also access this option from the details view under the Actions menu.

BAS_download_PDF.png

    1. The statement displays in the viewer. You can zoom, download or print the statement from here using the toolbar.

    1. Alternatively, you can right-click on the statement and select Print or other options.

Convert to Draft

If a BAS report is marked as final, the input fields become read-only. So, if you need to make any edits to a final BAS report, you must first convert it back to a draft and then do so. You can convert the final BAS to draft BAS using this option.

To convert BAS to a draft:

    1. Open the Reconciliations screen from the side menu > Accounting > Reconciliations.

    2. In the list view, click More > Prepare Activity Statement (BAS).

    3. On the Business Activity Statements screen, select the BAS on the grid that you want to convert and click  to select Convert to Draft. You can also access this option from the details view under the Actions menu.

      BAS_download_PDF.png

    1. Core converts the status of the statement from Final to Draft and displays that on the grid.

Mark Screen as Favorite

You can mark or flag the most-often used and important screens in Core as your favorites up to a maximum of ten. These favorite screens then display separately on the side menu under the Favorites list. You can manage all your favorite screens in Core from User Preferences.

To mark this screen as your favorite, watch this video or follow these steps:

    1. Open the Reconciliations screen from the side menu > Accounting > Reconciliations.

      BAS_favorites.png

    2. In the list view, click More > Prepare Activity Statement (BAS).

    3. On the Business Activity Statements screen, click  on the top-right.

    4. You can access this screen from the side menu under Favorites.

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