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Re: BAS

Newbie

Views 623

Replies 4

Hoping someone can help me with this 

 

I am doing my first BAS. I work for a company who charges a fee for use of their facilities. 30% 

In G1 total sales do I put how much I sold before their fee or after ? it seems I put the total amount before their fees and then I put their fees in deductions in my annual tax return? 

 

Thanks for any help 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Champion

Replies 1

Hi @egr88,

 

Thank you for the reply.

 

In terms of GST labels on activity statements is for notifying your GST turnover, GST component and pay GST to the ATO.

 

As per your example

G1 – Total Sales - $4000

G9 – GST on sales - $364 (assume your total sales includes the GST)

G20 – GST on purchases - $100

1A - $364

IB - $100

The amount you have to pay back to ATO is $ 264 (1A- IB)

 

By end of financial year, you have to report your income and expenses associated to the business to pay the income tax on net earnings to the ATO.

 

Hope you find this helpful

4 REPLIES 4

Champion

Replies 3

Hi @egr88 ,

 

Thank you for your question.

 

Yes, you are right - you have to include the total sales at label G1 and report the deductions through the tax returns.

Please use our step by step guide for how to complete the business activity statements.

 

Hope this helps!

Newbie

Replies 2

So for example one pay slip looks like this 

 

Gross income $4,000

Net income $2900 


facility fee $1000

GST on facility fee $100 

 

So I add up the gross amount from each pay and put that in G1, what I dont understand is why it is not the net amount because that is the amount I get the rest goes to the company 

Then the facility fee, thats for hire of a room/equipment that would come under deductions? 

 

 

 

 

 

 

 

Most helpful response

Champion

Replies 1

Hi @egr88,

 

Thank you for the reply.

 

In terms of GST labels on activity statements is for notifying your GST turnover, GST component and pay GST to the ATO.

 

As per your example

G1 – Total Sales - $4000

G9 – GST on sales - $364 (assume your total sales includes the GST)

G20 – GST on purchases - $100

1A - $364

IB - $100

The amount you have to pay back to ATO is $ 264 (1A- IB)

 

By end of financial year, you have to report your income and expenses associated to the business to pay the income tax on net earnings to the ATO.

 

Hope you find this helpful

Newbie

Replies 0

Thank you very much that is great