Calculating GST Quarterly and Reporting Annually

You can prepare a Business Activity Statement (BAS) for calculating GST quarterly and reporting it annually.

When reporting in this way, you will be filing a BAS every quarter and, at the end of the year, you must file an annual GST return.
  1. Set up your company information for the current tax year in HQ ATO Tax Years.
  2. Open the HQ BAS Process form. It defaults to the current tax year as specified in HQ ATO Tax Years.
  3. Enter a new sequence number in the Sequence field. You can also enter New, N, or + to use the next available sequence number.
    Note: Each time you create a BAS for reporting, you must use a new sequence number. By creating a new sequence number, you can report amounts specific to the quarter (or other specified time period) rather than for the whole year.
  4. Set up your general BAS information in the following fields: Form Due On, Payment Due On, Contact Person, Contact Phone, GST Acct Method, Signature, Date, Return this completed form to, Hours, and Minutes. For more information on a specific field, see the F1 help.
  5. In the GST section of the form, enter the start and end dates for the range you are reporting GST for in the Start Month and End Month fields.
    Note: If you are preparing your annual GST report, make sure to specify the entire tax year in the date range.
  6. Select Option 2: Calculate GST and Report Annually from the Option drop-down.
  7. Check the G1 Include GST box if the total sales you are reporting includes GST.
  8. On the FBT/Summary tab, enter amounts in the appropriate fields in the Summary section.
  9. Associate GST tax codes with reporting items, as necessary.
  10. Click Generate GST Amounts. The system calculates the G1 (total sales), G2 (export sales), G3 (other GST-free sales), G10 (capital purchases), and G11 (non-capital purchases) field amounts from the PR GST Report and displays the amounts on the GST/PAYG Amounts tab.
  11. On the GST/PAYG amounts tab, review and modify the amounts in the Sales or Purchase Amounts and GST Tax Amt fields, as necessary.
  12. Return to the Info tab and select Options > Reports > HQ Business Activity Statement Report to run the report.
The system only records the total sales amount for the quarter in the Option 2 section of the HQ BAS GST report.
  13. File the report with the ATO.
  14. Repeat the above process for each quarter.
  15. When you are ready to prepare the annual GST report, repeat steps 1-9. When finished, select Options > Reports > HQ Goods and Services Tax Report.
  16. File your annual GST return.