Categorise BAS payment
To categorise BAS payment made to the ATO, you will need to know the amounts in the BAS for GST credit, GST payment, PAYG tax withholding and Income tax instalment.
Let's take an example of a Business Activity Statement (BAS). The following are the amounts shown in the BAS:
- GST payable amount $13,777
- GST credit amount $4,728; and
- PAYG tax withholding amount on salary and wages $4,112.
The net BAS payment made to the ATO is $13,161.00, which will appear in your bank transactions.
In the bank transactions, select the BAS payment amount, then click on the briefcase icon to categorise the amount.
Complete the details as below.
- In transaction type, select Add to Business Payment.
- In category, select GST payable.
- In type, select Money Out (this means money going out for GST payable amount to the ATO).
- Enter the GST payable amount as shown in the BAS.
- Next, click on + Add Split to add more transactions.
- Next, you will need to select GST claimable amount. So in category, select GST claimable.
- In type, select Money In (this means money received for GST credits from the ATO).
- Enter the GST credit amount as shown in the BAS.
- Then, click on + Add Split to add more transactions.
- Now you will need to enter the PAYG tax withholding amount on salary and wages. So in category select PAYG Withholding.
- In type select Money Out (means the money is going out to the ATO for PAYG withholding amount).
- Enter the PAYG tax withholding amount as shown on the BAS.
- Next click on Save.
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