3. BAS Excluded Copy
What I need to know?
LEARNING COMPETENCIES:
- Understand what is BAS Excluded, and
- Identify what are the BAS Excluded supplies.
What’s New?
BAS or Business Activity Statements help you to report on taxes like: Goods and Services Tax (GST) Pay As You Go (PAYG) Withholding.
What is it?
The purpose of BAS is to report the GST component of transactions. When you fill out your BAS you should include your income and expenses with the amount of GST included in the value.
There is another category which is not in the GST law, we call it as BAS Excluded which means something that is not reported in a Business Activity Statement.
BAS Excluded will be used for things that are not included in your Business Activity Statement. So that would include drawings from the business, wages and superannuation. Basically anything that doesn’t need to be included in the BAS.
Did you know?
These are all BAS Excluded:
- Bank Deposit
- ATO Refund
- Jobkeeper
- Government grants
- NSW grants
- Dividends
- Residential rent
- Interest received
- wages received
- Loan from owners
- Loan from other people
- Loan from bank – Liability COA > it should be BAS Excluded
- Capital
- Funds – Donations received
What’s more?
You have to remember: If you see money coming in from ATO or Australian Taxation Office, it’s BAS excluded.
Goods or services that are BAS Excluded are outside of Australia’s Goods and Services Tax (GST) legislation, which means they are not subject to 10% GST. These transactions are also called “out of scope”.
Learning Tips:
Be careful of extraordinary items (an unusual lump-sum amount).