Business Activity Statement (BAS) Reporting
If you manage GST registered buildings, this page will guide you through:
- Generating BAS reports
- Processing journal transfers
- Processing refunds and/or payments
- Reconciling GST accounts
It is recommended that you seek formal tax advice in relation to the balances contained within the reports.
PropertyIQ does not provide advice as to the GST treatment of particular income and/or expenses. Users should seek formal tax advice before implementing the GST treatment of any items.
PropertyIQ does not verify GST elections made within the system (e.g. GST registration status). The user should obtain formal tax advice on any tax.
There are various mechanisms for inputting transactions into the PropertyIQ. Each mechanism will result in GST outcomes. Failure to use the correct mechanism can lead to incorrect GST outcomes. If users have any doubt as to the mechanism functionality, they should seek advice from PropertyIQ Support.
Recommended Workflow
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Settings that affect BAS in the Settings function and the building card (1.5 mins)
- Configure BAS preferences in PropertyIQ Settings
- Configure BAS preferences on the building card
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Preparation phase (2 mins)
- How to produce preview reports to check your GST transactions for accuracy prior to BAS processing.
- Click here to see information about how to make adjustments to fix errors identified during the preparation phase.
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Settings within the BAS Screen (1 min)
- How to enter PAYG and other items not recorded on PropertyIQ for inclusion in BAS calculations.
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Lodgement phase (2 mins)
- How to generate final BAS reports and trigger the journal transfer to clear BAS accounts and get ready for BAS refunds or payments
- Click here to see notes about the ATO’s CRN that needs to be recorded on PropertyIQ for each building/schedule.
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Reconciliation phase (2 mins)
- How to generate the GST Reconciliation report and trigger the journal transfers that clear any discrepancies between the balance sheet and GST accounts.
- Click here to see how to process GST reconciliation journals manually.
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Processing BAS refunds (1.5 mins)
- How to manage the manual deposits that are automatically created during the BAS lodgement phase
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Processing BAS Payments (1.5 mins)
- How to manage and process the invoices that are automatically created during the lodgement phase
- Click here to see notes about the ATO as a supplier
- Click here to see the detailed manual about BAS & GST reporting
- Click here to view notes about accounting processes
Contact Us
Email: support@propertyiq.com.au
(preferred)
Sales enquiries
Email: sales@propertyiq.com.au
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