Hi there! Question specific to Australian gst BAS:
For some reason, I am getting an amount in the G10 field (capital expenditure) - however, I don’t even have any assets on the Balance Sheet except bank accounts.
Where does the G10 amount come from? Cheers!
Any chance you have something categorized in Suspense account? Or directly allocated to Retained Earnings using GST code?
It’s best to review Tax Audit report to see how tax codes have been allocated across your chart of accounts for the period. There will be your answer.
Thanks, Lubos!!
Would you be able to cast an eye at the BAS and the Audit please (uploaded below).
The business commenced using Manager on 01/04.
The business is a trading trust, so Beneficiary Account payments were recorded with no tax code.
The only other tax codes used were GST and GST free.
(Some sales and expenses were mistakenly recorded with no tax code)
Are you able to see where the G10 figure comes from? As I mentioned earlier, there are no assets on the Balance Sheet apart from the bank accounts.
Do not use GST Free tax code on Beneficiary Account transactions because these are not to be included on BAS at all. Make sure all amounts related to Beneficiary Account are under No tax.
Then review BAS again.
Also, why do you have some Sales and Ingredients and Packaging amounts under No tax ? They should have GST free tax code rather than No tax so they are included in G1 and G11.
Dear Lubos,
thanks!
Beneficiary Account transactions only used “No tax” code.
Some Sales and Ingredients were incorrectly processed as “no tax”, this will be corrected.
However, I am still not clear as to where G10 amount comes from.
Coming over from QuickBooks, I recall there we nominated tax code for each field of BAS. Manager is different - I don’t see a way to drill down into G10 to see where it comes from. Or is there a way to drill down? Cheers!
As per your tax audit, you have 40,277.36 under GST free column. Can you click on the figure to reveal those transactions and remove the tax code?
Sorry, I missed it somehow! and the figure is very close to the G10 on BAS - this must be it.
I suppose it takes a debit to a Liability account as a Capital Expense?
I will see if I can click on it and drill down (tomorrow, when I am back at the office, have no access right now) Cheers!
I can’t imagine it being anything else. You probably have 41,277.36 in debits and 1,000.00 in credits. Debits go to G10/G14 and credits go to G1/G3.
Anyway, fixing this will clean up your BAS but it won’t have any material impact on how much GST to pay.
great, thanks a lot!
got it; we can close this topic.