Questions and Answers for BAS-I.C free and easy small business accounting.
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Q: How do I complete my business activity statement?
A: Add all your business transactions for the BAS period to BAS-I.C, when you input your total for a transaction the applicable GST amount for the account is automatically calculated. When all revenue and expense transactions have been recorded click the BAS period required ie month, quarter etc then click BAS View to display your BAS calculations. Each BAS calculation has a description and a BAS Code corresponding to the ATO BAS field. You can transfer these directly to your BAS Form or online Business Activity Statement. The GST Balance at the bottom of the BAS calculations is the amount of GST you will be required to pay to the ATO or the amount of GST refund you will receive from the ATO. If the GST Balance is positive you owe GST to the ATO, if the GST Balance is negative the ATO owes you.