MYOB Business brings together all the information you need to prepare your Business Activity Statement (BAS) in one place without you having to run multiple reports. This includes GST collected and paid for all GST codes and the transactions the GST codes were assigned to.
You even get to see transactions that were added, edited or deleted since the last return period was completed. These you can add to your current return as prior period adjustments so that your end-of-year GST reconciliation balances.
You'll first need to check your GST settings and then use the information in the GST report to prepare your return. We'll step you through what you need to do.
You'll be accessing the GST return and GST report as part of a guided BAS process, rather than the separate reports of the same name available in the Reports area.
Once everything looks good, you can use the Prepare BAS or IAS function to file your BAS straight from MYOB Business. Alternatively, you can use the information from the GST report and Prior period adjustments report to complete and lodge your BAS electronically, through your tax or BAS agent or by post. See the ATO website for more information about these options.
You'll now be guided to complete your BAS report, using detailed information about your business's GST liability (how much GST you've collected and paid). This information is used when you lodge your BAS.
Go to the Reports menu > BAS.
If you've previously completed a BAS, it appears in the BAS reports section. If you want to see its details, click the BAS period.
Click Create new.
If you have a previous BAS in progress and you want to complete it, click Edit existing BAS in the message that appears to open it and complete it, or click Create new to start a new one.
In the Setup section, you can see what period you're completing a BAS for.
this is your first return, you can choose the BAS period you'd like to report on
you've previously completed a return, you won't be able to change the BAS period. To carry over late or edited transactions, reports need to be done every period in order. You can't skip the current period to a future period. If you don’t have any GST to report this period, you’ll still need to finalise this report to move to the next period.
Check that your business details are correct. These details are pre-filled from your MYOB Business data.
If you need to add or edit any transactions, you may need to remove or edit your lock date. A lock date prevents anyone from inadvertently creating, editing or deleting transactions prior to a date you specify.
To check your lock date, click Business settings and scroll down to Lock date. Find out more about lock dates.
You can go back to the report after looking at the lock date by selecting back (left arrow in top left corner) in your browser.
Click Next to open the GST report.
Use the GST report to see the amount of GST collected and paid for each of your tax codes and to confirm that the right tax code has been assigned to transactions.
see all the transactions that make up the totals in the report, click the dropdown arrow next to each Tax code
view transactions on all tax codes, click Expand all
view and edit a transaction's details, click its ID No.
If you need to edit a transaction:
Click Cancel and exit the GST return report.
If required, remove the lock date on the period so that you can edit the transaction.
Once you've made your changes, go to the Reports menu > BAS and click Create new to restart your return.
In a future release, you'll be able to refresh the GST return report when you make a change to a transaction.
Click Next to open the Prior period adjustments report to see if there were any transactions added, edited or deleted in the previous BAS period.
If there are prior period adjustments, you can choose to add them to your BAS report, or if they aren't relevant to the period (e.g., because you've already included them in a revised BAS), you can remove them. Note that the removed claims won't be included in future BAS reports.
Click Export and choose to export the Prior period adjustments report as a PDF or Excel file.
You'll need to manually add any prior period adjustments to your return. In a future release, you'll be able to automatically add them.
Click Next to open the Save page. This shows the totals you need to enter in each field of your BAS. The amount you need to pay the ATO (a positive figure), or are to be refunded by the ATO (a negative figure), appears under Amount owed.
Click Save. Your completed BAS report is listed with any previous BAS reports:
You can now file your BAS with the ATO.
To prevent any changes to transactions in the period you've just reported, set a lock date.
Go to the Reports menu > BAS. Any completed activity statements are listed in the BAS reports section:
If required, filter the list by Financial year.
Click the BAS period of a report to see its details.
The GST return summary tab lists the totals you need to enter in each field of your BAS. The amount you need to pay the ATO (a positive figure), or are to be refunded by the ATO (a negative figure), appears under Amount owed.
The GST report tab shows the totals of sales, income, purchases and expenses for the report period. Click Expand all to see the transactions that produced these totals. Click an ID No. to view the details of transactions.
The Prior period adjustments tab shows any transactions added, edited or deleted in the previous BAS period.
Click Export and choose to export a report as a PDF or Excel file.
Lodge your activity statement
After completing your BAS in MYOB Business, use the information in it to help you lodge your activity statement. Once you’ve filled in the other required fields on your statement you can lodge your activity statement online, and get confirmation from the ATO within seconds.
For all the details see Lodge your activity statement (Australia).
Before you can lodge your activity statements online, you need to:
have already nominated MYOB as your software provider, and
set up your activity statement fields.
If you haven't completed these setup steps yet, see Get ready to lodge activity statements.
If you need to change your tax code setup, authorised person, or change how year-end adjustments recorded in MYOB affect your BAS:
In MYOB, go to the Accounting menu and choose Prepare BAS or IAS.
If prompted, sign in to your MYOB account.
Click the Settings option.
If you change the tax code setup, it will not affect any returns that are already in progress. You’ll need to open the statement that’s in progress, choose to Edit it, and then click Update from ledger, to use the new tax code setup details.
Note that doing this will replace the values of all fields that are automatically calculated based on the tax code setup.
You can set the reporting frequency on the Report settings page. To set the frequency, click your business name and select Report settings. Under PAYG withholding, select the frequency and click Save.