Australian GST is filed on either a cash or non-cash basis (accrual) basis according to the Australian Tax Authority.
Our new Simpler BAS Statement is designed for non-cash basis (accruals), so it's important to make sure your owners are on a non-cash basis if you are going to provide them with this report.
Transactions will be included in the report based on the Issue Date, so any invoices with an Issue Date outside the selected period will not be shown to the owner. Once you have provided the owner with a report for a specific date range, any new invoices created after that should not have an Issue Date within the period you have already reported on.
We hope to automate tracking on these changes in the future but for now, you will need to ensure that new invoices are not created for a period that you have already sent to your owner.
Please note that setting is not visible for all clients if you would like this added to your Re-Leased account please reach out the support team at email@example.com
The Simpler Business Activity Statement report can be found in the Financial section of the General reports, for Australian customers only.
To run the report you will need to select:
- Trust Account
- Start and End Dates
- Run report by - You can choose to run the report by Owner or Owner Ledger:
- Owner - includes information for all property ledgers owned by the selected contact.
- Owner Ledger - includes information for the selected ledger.