The following article and video (attached below) will help you to produce the figures you need to lodge on your BAS if you choose to do it yourself.  


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Watch the video on how to prepare your figures


How to prepare the figures for your BAS

 

It is assumed that the figures in Xero have been finalised, this means that you have your bank accounts reconciled and there are no other outstanding issues.

You will probably need two reports

1)     Activity Statement

2)     Payroll Summary report (only if you pay wages)

 

ACTIVITY STATEMENT

From the menu bar in Xero navigate to :-

Reports

All Reports

Activity Statement (under the Tax section)

 

This will bring up the Business Activity Statement



1)     Check that you are looking at the correct period and that it is actually a Business Activity Statement and not an IAS – Choose Update


 

This will give you the figures that you need to put onto your BAS.


2)     To check that you are happy with the figures look at the GST Audit report which will give you the list of what makes up the various GST figures. This is the third tab just above where you have changed the dates – see above.


3)     After checking “publish” the report to keep a record of what you lodged with the ATO. Click the green “publish” at the bottom of the screen and again on the next page


4)     Click on the now published Activity statement to go back into it.


5)     You are now ready to transfer the figures from this report to your BAS. You will notice that there are labels on the Xero report – G1, G2, G3 etc these translate to labels on the ATO BAS statement you are filling in.


 

6)     At the bottom of the page are two more labels 1A & 1B that will also need to be copied over.

 

PAYROLL SUMMARY REPORT


If you pay wages you will also need to fill in the “W” labels.

In Xero navigate to :-

Reports

All Reports

Payroll Activity Summary (under the payroll section) see below for example


1)     Choose the correct time frame (usually last quarter) and make sure all employees are selected then click update


2)     The W1 label is the total earnings figure and W2 is the total tax on this report if you need to fill in W3 and W4 they will also be shown on here.