Frequently Asked Questions about

Year End BAS Reconciliations

These are some of the most commonly asked questions about BAS Reconciliations.
If you can’t see an answer to your question, please feel free to contact us and we’ll be happy to help.

Q. How do we do a BAS reconciliation for the 1st July to 30th June period?

 Prepare a spreadsheet – recording all the details from the BAS’s already submitted.

BAS Reconciliation qtrly.xls or   BAS Reconciliation mthly.xls

  • Enter the name of the organisation and the year.
  • Produce the GST & Payroll reports for the full financial year and enter the details in column F
  • Produce the GST& Payroll reports for the last quarter and enter the details in column H
  • Review Column I.  This column reflects any changes, additions or deletions to transactions in periods after the BAS has been submitted to the ATO.  If no changes have been made during the year, this column will be zero or near to zero.
  • If changes have been made after the BAS’s have been submitted, amounts in this column with reflect this.  Investigate further is these amounts are large.
  • If it is determined that the GST effect of changes in any one reporting period is greater than $3,000 then the BAS for that period must be submitted.
  • If it is determined that the GST effect or changes in any one reporting period is less than $3,000 then use the figures in Column G for the final BAS for the period.
  • Review Column G.  If these figures are to be submitted, see notes above, review.
    NB Negative numbers cannot be submitted on a BAS.
  • Column J – enter the amounts submitted in the last BAS.  Note reasons for variances to Col G.

Notes about W1 and W2 – especially for churches
W1 should not include post tax deductions
To Calculate W1 run the Payroll Activity Summary Report

W1 = Total Earnings – Deductions + post tax deductions (and any other non pre-tax deduction eg Advance Repayments.
This includes Employee Beneficiary fund deductions (Uniting Church)

PAYG  Enter the PAYG Payable Balance as at 30th June.  This should be close to the W2 payable in the last BAS – if not investigate.

GST  Enter the GST Balance as at 30th June.   This should be close to the total payable in the last BAS – if not, investigate.
NB – this will be affected by any GST included in the AR & AP balance as at 30th June.  Run the Aged Receivables and Aged Payables detail reports with “outstanding GST” ticked.

© Benkorp Management Services 2018

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