BAS Fundamentals 2016 - Workshop

Learn the essentials of preparing business activity statements (BAS). Starting with the basics you will work through the various information required to complete a BAS, before practising your skills by actually completing sample BAS paperwork.

Key topics:
• Basics of GST
• Introduction to the BAS form
• Calculation options for GST
• PAYG withholding and PAYG instalment
• FBT instalment
• Calculate net liability
• Other labels on the BAS
• Tips and traps
• Completing the BAS – group and individual

Learning objectives

A. Monthly GST payer and quarterly GST payer – reporting quarterly
Using the information supplied for a monthly or quarterly GST payer reporting quarterly, you should be able to:
• Calculate total sales for a business in a tax period
• Calculate GST collected on supplies and GST paid on purchases
• Calculate export supplies and other GST-free supplies
• Calculate capital acquisitions and other acquisitions

B. Quarterly or annual GST payer – reporting annually
Using the information supplied, you should be able to:
• Calculate total sales for a business in a tax period
• Calculate the GST collected on supplies and GST paid on purchases

C. Quarterly GST instalment method
Using the information supplied, you should be able to:
• State how the ATO will calculate the GST instalment to be paid each quarter
• Calculate a varied instalment from information supplied

D. Other BAS or IAS information
Using the information supplied, you should able to:
• Include PAYG withholding information on the BAS or IAS
• Calculate a PAYG instalment using the ATO instalment rate method or a varied rate
• Calculate a PAYG instalment using a GDP-adjusted PAYG instalment amount
• Calculate a varied PAYG instalment amount
• Calculate a varied FBT instalment.

Audience

Anyone in tax accounting roles with responsibility of preparing income tax returns, BAS statements and the preparation of financial statements, whether for an organisation or client.

1 day

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