When completing your BAS you must report taxable sales and the GST in their price at: G1<\/strong> Total sales and 1A<\/strong> GST on sales.<\/p>\n\n\n\n List taxable sales and their descriptions<\/strong><\/p>\n\n\n\n GST-free sales are sales where GST is not payable, but you may claim GST credits for purchases relating to these sales.<\/p>\n\n\n\n When completing your BAS you must report GST-free sales at G1 Total sales<\/strong>.<\/p>\n\n\n\n List of GST-free sales and their descriptions.<\/strong><\/p>\n\n\n\n Input-taxed sales are sales where GST is not payable, and you \ngenerally can’t claim GST credits for purchases relating to these sales.<\/p>\n\n\n\n When completing your BAS you must report input-taxed sales at G1 Total sales<\/strong>.<\/p>\n\n\n\n List of input-taxed sales and their descriptions.<\/strong><\/p>\n\n\n\n You can only claim GST credits for GST included in the price of purchases that you buy or import for your GST-registered business, and that relate to taxable sales or GST-free sales. A valid tax invoice for purchases over $82.50 is required to claim a GST credit. <\/p>\n\n\n\n To claim GST credits, when completing your BAS you must report the GST included in the price of your purchases at 1B GST on purchases<\/strong>.<\/p>\n\n\n\n You do not report your total purchases.<\/p>\n\n\n\n List of purchases with GST in the price and their descriptions.<\/strong><\/p>\n\n\n\n List of purchases with no GST in the price or where no GST credits can be claimed. You do not need to report these purchases.<\/p>\n\n\n\n Mixed purchases contain both a taxable component and a GST-free \nand\/or input-taxed component. On your BAS, you report the GST in the \nprice of only the taxable component at 1B GST on purchases<\/strong>.<\/p>\n\n\n\n With mixed purchases there may be an option in your accounting \nsoftware to enter the total amount of a tax invoice and manually \noverride the GST amount if it is not 1\/11th. This option is subject to \naccounting software having the functionality to override the GST amount.<\/p>\n\n\n\n List of mixed purchases and their descriptions. <\/strong><\/p>\n\n\n\n GST On Sales When completing your BAS you must report taxable sales and the GST in their price at: G1 Total sales and 1A GST on sales. List taxable sales and their descriptions Transaction Transaction description GST tax code Completing your BAS Goods and services Sales of goods and services in the course of your […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[15],"class_list":["post-456","post","type-post","status-publish","format-standard","hentry","category-autax","tag-bas"],"_links":{"self":[{"href":"https:\/\/idcrex.com\/blog\/wp-json\/wp\/v2\/posts\/456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/idcrex.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/idcrex.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/idcrex.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/idcrex.com\/blog\/wp-json\/wp\/v2\/comments?post=456"}],"version-history":[{"count":14,"href":"https:\/\/idcrex.com\/blog\/wp-json\/wp\/v2\/posts\/456\/revisions"}],"predecessor-version":[{"id":528,"href":"https:\/\/idcrex.com\/blog\/wp-json\/wp\/v2\/posts\/456\/revisions\/528"}],"wp:attachment":[{"href":"https:\/\/idcrex.com\/blog\/wp-json\/wp\/v2\/media?parent=456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/idcrex.com\/blog\/wp-json\/wp\/v2\/categories?post=456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/idcrex.com\/blog\/wp-json\/wp\/v2\/tags?post=456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Transaction\n<\/th> Transaction description\n<\/th> GST tax code\n<\/th> Completing your BAS\n<\/th><\/tr> Goods and services\n<\/td> Sales of goods and services in the course of your business or enterprise (ie trading stock).\n<\/td> GST\n<\/td> G1 Total sales\n1A GST on sales\n<\/td><\/tr> Assets\n<\/td> Sale of business assets such as office equipment, machinery and motor vehicles, including trade-ins and transfers of ownership.\n<\/td> GST\n<\/td> G1 Total sales\n1A GST on sales\n<\/td><\/tr> Property <\/td> If you are dealing with property (eg you sell, lease or develop) you may have to pay GST on the sale or lease of the property. The GST amount on property sales may be calculated on the full value of the sale or on the margin for the sale.<\/td> GST\n<\/td> G1 Total sales\n1A GST on sales\n<\/td><\/tr><\/tbody><\/table>\n\n\n\n GST-free sales<\/h2>\n\n\n\n
Transaction\n<\/th> Transaction description\n<\/th> GST tax code\n<\/th> Completing your BAS\n<\/th><\/tr> Fresh food\n<\/td> Most basic foods and beverages, subject to certain exceptions.<\/td> No GST\n<\/td> G1 Total sales\n<\/td><\/tr> Medical and health\n<\/td> Most medical, health and care services, medicine and eligible medical aids and appliances.<\/td> No GST\n<\/td> G1 Total sales\n<\/td><\/tr> Education\n<\/td> Most education courses, course materials and related excursions or field trips.<\/td> No GST\n<\/td> G1 Total sales\n<\/td><\/tr> Childcare\n<\/td> Eligible childcare services. <\/td> No GST\n<\/td> G1 Total sales\n<\/td><\/tr> Exported goods and services\n<\/td> Export sales of goods (must be physically exported from Australia within certain timeframes) and services and other things provided to customers outside Australia. Specific rules apply to exports. <\/td> No GST\n<\/td> G1 Total sales\n<\/td><\/tr> Sale of business\n<\/td> Sale of a business as a going concern where certain conditions are met.<\/td> No GST\n<\/td> G1 Total sales\n<\/td><\/tr><\/tbody><\/table>\n\n\n\n Input-taxed sales<\/h2>\n\n\n\n
Transaction\n<\/th> Transaction description\n<\/th> GST tax code\n<\/th> Completing your BAS\n<\/th><\/tr> Property<\/td> Supplies of residential rental premises and sales of existing residential premises (excluding new homes or commercial premises).<\/td> No GST\n<\/td> G1 Total sales\n<\/td><\/tr> Financial Sales<\/td> Financial sales which include most transactions relating to money such as lending money, selling shares or other securities.<\/td> No GST\n<\/td> G1 Total sales\n<\/td><\/tr> Fund-raising<\/td> Certain fund-raising activities of charities, gift-deductible entities and government schools.<\/td> No GST\n<\/td> G1 Total sales\n<\/td><\/tr><\/tbody><\/table>\n\n\n\n Purchases with GST in the price<\/h2>\n\n\n\n
Transaction\n<\/th> Transaction description\n<\/th> GST tax code\n<\/th> Completing your BAS\n<\/th><\/tr> Goods and services\n<\/td> You can generally claim a credit for GST included in the price of any goods and services you buy or import for your GST registered business. Examples include: capital purchases such as motor vehicles, plant and equipment -\u2013 check to ensure capital purchases are allocated to the appropriate capital account inventory purchases (ie trading stock) normal running expenses such as leases, equipment rentals, stationery and repairs.<\/td> GST\n<\/td> 1B GST on purchases\n<\/td><\/tr> Imported goods (>$1,000)\n<\/td> Imports of most goods where customs value is greater than $1,000 and GST was paid.<\/td> GST\n<\/td> 1B GST on purchases\n<\/td><\/tr> Second-hand goods from a GST registered business OR \u2264$300 value<\/td> If you purchase a second-hand item from a GST-registered business (excluding charitable organisations), GST credits may be claimed. Where second-hand items $300 or less are purchased from a private seller or a non GST-registered business for resale (ie trading stock), GST credits may be claimed even though the price did not include GST. <\/td> GST\n<\/td> 1B GST on purchases\n<\/td><\/tr> Business expenses for entertainment subject to fringe benefits tax (FBT) <\/td> You may claim GST credits for entertainment expenses you incur in providing entertainment that is subject to FBT. If you have elected to use the 50\/50 split method for FBT purposes, then GST may be claimed on 50% of the expenses only. <\/td> GST\n<\/td> 1B GST on purchases\n<\/td><\/tr> Hire purchase<\/td> GST may be claimed on all components (including associated fees and the credit component) for hire purchase agreements entered into on or after 1 July 2012. Treat a hire purchase agreement as a standalone purchase in a tax period. Do not treat it as a purchase you make on a progressive or periodic basis.<\/td> GST\n<\/td> 1B GST on purchases\n<\/td><\/tr> Lease agreements<\/td> Lease agreements are generally subject to GST. How you claim GST credits depends on whether you account for GST on a cash or non-cash (accruals) basis. <\/td> GST\n<\/td> 1B GST on purchases\n<\/td><\/tr> Domestic business-related travel <\/td> GST credits for business-related domestic travel may be claimed, but must be apportioned between your business and private use. Expenses include: airfares taxi fares fares for ride-sourcing services. <\/td> GST\n<\/td> 1B GST on purchases\n<\/td><\/tr> Fuel (eg petrol, diesel and fuel blends)\n<\/td> You can generally claim a credit for GST included in the price of fuel you purchase for use in your business. You may also be eligible to claim fuel tax credits.<\/td> GST\n<\/td> 1B GST on purchases\n7D Fuel tax credit\n<\/td><\/tr><\/tbody><\/table>\n\n\n\n Purchases with no GST in the price or where no GST credits can be claimed<\/h2>\n\n\n\n
Transaction\n<\/th> Transaction description\n<\/th> GST tax code\n<\/th> Completing your BAS\n<\/th><\/tr> GST-free goods and services\n<\/td> Purchases of GST-free goods and services. These include: most basic foods and beverages subject to certain exceptions. <\/td> No GST\n<\/td> Not reported on BAS for GST\n<\/td><\/tr> Purchases from a business not registered for GST\n<\/td> Goods and services purchased from a business that is not \nGST-registered. Generally a business is only required to register for \nGST if their GST turnover is over $75,000 ($150,000 for not-for-profit \norganisations), although they may voluntarily register.\n<\/td> No GST\n<\/td> Not reported on BAS for GST\n<\/td><\/tr> Life and health insurance\n<\/td> Insurance premiums for life insurance (input-taxed) and health insurance (GST-free).\n<\/td> No GST\n<\/td> Not reported on BAS for GST\n<\/td><\/tr> Motor vehicle private sale\n<\/td> Purchase of a motor vehicle from a private seller not registered for GST.\n<\/td> No GST\n<\/td> Not reported on BAS for GST\n<\/td><\/tr> Imports \u2013 $1,000 or < <\/td> Imports of goods where the customs value is $1,000 or less and no GST was paid. <\/td> No GST\n<\/td> Not reported on BAS for GST\n<\/td><\/tr> Business expenses for FBT-exempt employee benefits <\/td> Some employee benefits are exempt from FBT and, even though the price of related business expenses may include GST, GST credits cannot be claimed. Exempt benefits include: minor benefits <$300 that satisfy five factors food or drink provided to current employees on a working day on business premises taxi travel to or from an employee\u2019s place of work to an external venue (eg home or restaurant). <\/td> No GST\n<\/td> Not reported on BAS for GST\n<\/td><\/tr> Second-hand goods from charity OR >$300 value <\/td> Purchase of a second-hand item from a charitable organisation is GST-free.\n<\/td> No GST\n<\/td> Not reported on BAS for GST\n<\/td><\/tr> Second-hand goods from charity OR >$300 value<\/td> Where second-hand items over $300 are purchased from a private seller or non GST-registered business for resale (ie trading stock), GST credits may be claimed even though the price did not include GST. However, you must wait until you sell the item you have purchased to claim the GST credit. If you are eligible to use the global accounting method, GST credits may be accumulated but you cannot claim these GST credits directly at 1B. Instead, use them to cancel out the GST you would otherwise pay on the items you sell.<\/td> GST\n<\/td> 1B GST on purchases (claimed at the time you sell the item you have purchased).\n<\/td><\/tr> International travel<\/td> International travel, including domestic leg of an overseas trip, is GST-free.\n<\/td> No GST\n<\/td> Not reported on BAS for GST\n<\/td><\/tr> Purchases for input-taxed sales<\/td> Even if GST is included in the price, you cannot claim GST credits for purchases you intend to use to make input-taxed supplies (eg those related to providing residential accommodation). <\/td> No GST\n<\/td> Not reported on BAS for GST\n<\/td><\/tr> Property<\/td> Where you buy: an existing residence property as a private sale (see ‘Items not reported on the BAS for GST purposes’ for appropriate GST tax code) new residential property for rental purposes GST-free farmland, property or land under the margin scheme (even if GST is included in the price) residential premises such as a room, unit or an apartment to lease to a business that supplies it as hotel accommodation with other facilities. <\/td> No GST\n<\/td> Not reported on BAS for GST\n<\/td><\/tr><\/tbody><\/table>\n\n\n\n Mixed purchases (both taxable and GST-free and\/or input-taxed components)<\/h2>\n\n\n\n
Transaction\n<\/th> Transaction description\n<\/th> GST tax code\/Manual override\n<\/th> Completing your BAS\n<\/th><\/tr> Utility bills:\n\nelectricity\ntelephone\ninternet\n\n \n<\/td> GST credits may be claimed on:\n\nconnection fees\nsupply and usage charges\ndomestic mobile and landline call usage.\n\nGST credits cannot be claimed on:\n\ninterest charged on late payments\ninternational and roaming calls.\n\n\n\n\n <\/td> GST<\/strong> \u2013 Code total amount of invoice as \u2018GST\u2019 and manually override GST dollar amount to reflect GST shown on the invoice.\n<\/td> 1B GST on purchases\nNote:<\/strong> only claim GST dollar amount on invoice.\n<\/td><\/tr> Government rates and water\n<\/td> In some localities a commercial rubbish collection fee may be applied. GST credits may be claimed on this component only.\nGovernment (council) rates and water supply charges are not subject to GST.\nGST credits cannot be claimed on:\n\ninterest charged on late payments\nambulance levy (some states and territories only).\n\n\n\n\n <\/td> GST<\/strong> \u2013 Code total amount of invoice as \u2018GST\u2019 and manually override GST dollar amount to reflect GST shown on the invoice.\n<\/td> 1B GST on purchases\nNote:<\/strong> only claim GST dollar amount on invoice.\n<\/td><\/tr> Mixed private and business use <\/td> For the proportion of business expense related to your business, GST credits may be claimable.\nYou must accurately apportion your expenses between private and \nbusiness use. Private expenses are entered in your private account (eg \ndrawings). Business expenses are entered in your business expenses \naccount. You need to be able to substantiate your claims \u2013 keeping a \nlogbook and accurate records are important.\nFor the proportion of private expense not related to your business, GST credits are not<\/strong> claimable.\n<\/td> GST<\/strong> \u2013
Note:<\/strong> No manual override should be done because business and private expenses are entered in their respective separate accounts.\n<\/td>1B GST on purchases\n<\/td><\/tr> Purchase motor vehicle from GST- registered dealer or other business<\/td> GST credits may be claimed for the GST in the price of the \nvehicle and insurance components (eg compulsory third party, motor \ninjury or transport accident charge).\nGST credits are not claimable on the following components which are not subject to GST:\n\nstamp duty on car\nstamp duty on motor vehicle insurance\ngovernment registration fee.\n\n\n\n\n <\/td> GST<\/strong> \u2013
Note:<\/strong> No manual override should be done \nbecause motor vehicle and insurance expenses are entered in their \nrespective separate accounts.\n<\/td>1B GST on purchases\n<\/td><\/tr> Motor vehicle registration <\/td> GST credits may be claimed for the GST in the price of the \ninsurance component of the registration (eg compulsory third party, \nmotor injury and transport accident charge).\nGST credits are not claimable on the following components which are not subject to GST:\n\nstamp duty on motor vehicle insurance\ngovernment registration fee.\n\n\n\n\n <\/td> GST<\/strong> \u2013 Code total amount of invoice as \u2018GST\u2019 and manually override GST dollar amount to reflect GST shown on the invoice.\n<\/td> 1B GST on purchases\nNote:<\/strong> only claim GST dollar amount on invoice.\n<\/td><\/tr> Insurance for business use<\/td> GST credits may be claimed for the GST in the price of the insurance premium component only.\nGST credits are not claimable on the following components which are not subject to GST:\n\nstamp duty component\nany settlement payouts as they are not reported on your BAS\nprivate use portion.\n\n\n\n\n <\/td> GST<\/strong> \u2013 Code total amount of invoice as \u2018GST\u2019 and manually override GST dollar amount to reflect GST shown on the invoice.\n<\/td> 1B GST on purchases\nNote:<\/strong> only claim GST dollar amount on invoice.\n<\/td><\/tr><\/tbody><\/table>\n\n\n\n Items not reported on the BAS for GST purposes<\/h2>\n\n\n\n
Transaction\n<\/th> Transaction description\n<\/th> GST tax code\n<\/th> Completing your BAS\n<\/th><\/tr> Transactions not subject to GST\n<\/td> – Private expenses unrelated to your business
– Depreciation
– Dividends received
– Interest paid Fines
– Most Australian government taxes
– Bank fees and charges
– Principal payments on finance and loan interest
– Stamp duty Sale of your home (main residence)
– Superannuation
– Salary and wages
– Non-deductible entertainment expenses
– Donations <\/td>Out of scope\/No tax\/Not reportable\n<\/td> Not reported on BAS for GST\n<\/td><\/tr><\/tbody><\/table>\n","protected":false},"excerpt":{"rendered":"