Filing Taxes with GST Australia

Goods and Services Tax (GST) for Australia app allows you to easily create and manage automated reports for lodging Business Activity Statements (BAS). The app is simplified for all users.

You need to install the GST Australia App. Check out how to install or purchase apps on Akaunting.

Setting up GST

• Go to Activity Statements on the Navigation Menu
• Click GST Return Settings.

• On the GST AU Return page, map the tax rates in Akaunting with corresponding GST tax types. If you do not have tax rates set up, click the Setup Tax Rates button to create the default ones.
• Enter your Australian Business Number.
• Choose the Reporting Period – Monthly, Quarterly, or Yearly.
• Select the Tax Basis – Accrual or Cash
• Define a date for Generating the Business Activity Statement.
• Then, Save.

Setting Up Rates for the GST Tax Types

• Go to Settings on the Sidebar.

• Select Taxes.
• Click the relevant GST Taxes to Edit.
• Then, Save.

Generating GST Report

• Go to Activity Statements on the Navigation Menu

• Click Generate New BAS.
• The BAS Report has two sections – GST amount Tax Office owes from Purchase transactions and GST amount owed to Tax Office from Sales transactions.
• Switch the BAS tab to Simpler BAS to see the complete report.

Adjusting GST Report

After generating a BAS report, you can make adjustments.

• Click Record Adjustments at the top of the Business Activity Statement page.
• On the Adjustments page, Enter the Date and Adjustment Number.
• Choose the Basis – Accrual or Cash, and Currency.
• Write a Description.
• In the Items section, select an Account.
• Enter the Note, Debit, and Credit amount.
• Then, Save.

Filling Taxes with GST Australia

After making the necessary adjustments to the report,

• Click on Mark as Field.

• Enter the Date of filing.
• Click Confirm.