Business Activity Statement (BAS) Summary Report
The BAS Summary report is designed to help you fill out your Business Activity Statement, commonly known as the BAS.
There are many versions of the BAS and IAS forms depending on your business or investment situation (in excess of twenty versions). Because of this, Saasu can't display a BAS or IAS form that looks exactly like yours. Saasu does the calculations for you (based on what you have entered into Saasu) so that you can fill in the boxes from the Saasu BAS Summary report.
The BAS Summary report calculates the GST, PAYG and PAYG instalment T1 numbers based on the transactions you have entered into Saasu. Some items in the BAS or IAS are not supported by the Saasu BAS Summary report (e.g. FBT Payable). It is essential that you check the information you have entered for accuracy and seek advice from your qualified Taxation Accountant or BAS Agent when preparing taxation remittances such as the Business Activity Statement, the Income Activity Statement or Income Tax Returns.
The calculation report we provide ("BAS Summary") is general in nature and will not meet every specific circumstance.
NOTE: Custom tax code information does not display in Zone specific tax reports such as the BAS Summary report. It relies purely on in-built tax codes.
Simpler BAS vs Full BAS report
You can either choose to show the full BAS Summary Report or the Simpler Tax Report by click on the filter for the report to Show Simpler Report.
The Simpler Report will include:
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
- W1-W5 PAYG Withheld
- T1 Instalment Income
The full BAS Summary report has four main sections:
- GST amounts you owe the Australian Taxation Office from sales
- GST amounts the Australian Taxation Office owes you from purchases
- PAYG Tax Withheld
- PAYG Instalment
T1 - Instalment Income
Note: this figure cannot be updated at the moment.
The figure shown at T1 - Instalment Income is the gross income value for the period of the BAS. Note that this will always show the raw accrual value. If you run an accrual P&L Summary for the same period as the BAS, you will see that the total income for the period is the same as the T1 value.
Only use this figure if you are paying instalment amounts. Please speak with your Accountant if you are uncertain.