This article will detail how to lodge and record Business Activity Statements (BAS) or Instalment Activity Statement (IAS) events.
Depending on if you wish to lodge Activity Statements through Class or not there are two ways to record Activity Statement Events.
- Lodge Activity Statements & Automatically Record Event
- Generate Fund Activity Statement Event Manually
Lodge Activity Statements & Automatically Record Event
The business event will be automatically created for users who use Class to lodge the Activity Statements. If the BAS/IAS has been prepared and lodged on the ATO portal or any other software then you cannot use this function.
You should navigate to reports and run the Activity Statement Preparation Report to help you complete the various labels of the Activity Statement.
Navigate to Fund Level > Periodic Processing > Browse Activity Statements
- Click Get List from ATO button
- Select the item (the status will be "Pre-filled" and the Document ID column will have a link you can click into)
- Complete the Activity Statement Click Lodge (after you have entered and reviewed the data)
- Click on Generate Business Event
- Method of Payment tab provides payment options if a payment to the ATO is required as a result of the Activity Statement.
The Activity Statement event will be created and appear as an outstanding business event until it is matched with a cash payment or refund. The due date will be used as the payment date.
Generate Fund Activity Statement Event Manually
The Fund Activity Statement event allows you to enter various components between GST, PAYG Tax Withheld and PAYG Income Tax Instalment manually when the Activity Statement was not lodged through Class. It will create a business event that can be matched to cash.
Navigate to Fund Level > Transactions > Fund Expenses > Fund activity statement
- Select Period (either Quarter, Month or Year)
- Enter Period End Date (end date of the period to which the activity statement applies)
- Enter Payment Date (the date the payment was recorded)
- Enter Description (default is Fund Activity Statement)
- Displays the total amount of refund/payment (this will automatically populate)
- Amount of tax under/over allocated (used to make adjustments)
- Enter any amount of GST paid on Sales/Instalment
- Enter any amount of PAYG Tax Withheld
- Enter any amount of a Tax Instalment paid
- Enter any amount of GST paid on purchases
- Enter any amount of PAYG Instalment Variation
Warning: You will not be able to record an event if the date in the Period End Date for the Activity Statement is prior to a Period Update date. For First-year funds, if the event was not accrued as part of the opening balances, you will need to use a Fund Income Tax Payment event. This will enable you to record any tax instalments paid or GST event using a date following the Period Update date.
Type of BAS/IAS Supported
There are currently 21 different types of Business Activity Statements and Instalment Activity Statements.
The following 9 types are currently supported on Class:
- BAS-A Quarterly Business Activity Statement for taxpayers with a quarterly GST, PAYG tax withheld and PAYG income tax instalment obligations.
- BAS-D Quarterly Business Activity Statement for taxpayers with a quarterly GST only.
- BAS-P Annual GST Return for taxpayers (with Annual turnover < $2 million) who pay their GST by instalments and lodge an annual GST return.
- BAS-R Sometimes it is also referred to as IAS-R, this is for taxpayers whose only obligation is Quarterly PAYG instalments and who have elected to pay an instalment amount. No lodgement is required for this form unless the taxpayer elects to make a variation.
- BAS-T Quarterly Business Activity Statement for taxpayers report and pay GST instalments and PAYG quarterly.
- IAS-B Quarterly Instalment Activity Statement for taxpayers with a quarterly PAYG income tax instalment obligation only.
- IAS-I This document is for taxpayers with a PAYG tax withheld only (quarterly or monthly). Note: taxpayers may receive IAS I for two months of a quarter and a quarterly AS form for the third month.
- IAS-J This document is for taxpayers with quarterly PAYG income tax instalment, PAYG tax withheld and FBT obligations.
- IAS-N Annual Instalment Activity Statement for taxpayers who have elected to report and pay an annual PAYG income tax instalment.
Pre-lodge and amendment of BAS / IAS currently are not supported in Class
We will teach you how to track your list of Activity Statement lodgements in the Activity Statement Console.
If you are having issues review this page, Unable to access Browse Activity Statements.