Hi everyone, thanks for the idea and support here. We appreciate all the valuable feedback and ideas shared regarding adding item 7A to the Business Activity Statement.
We understand that the ability to easily track deferred GST is crucial to your workflows.
Currently 7A on the BAS is a manual field, which does not update the figures on 1B. To adjust for this, we recommended the following workaround:
Enter the original purchase as BAS Excluded.
Once you have the Customs Entry form N10, you're entitled to claim a GST credit. Create a Bill with the value of the Deferred GST showing on the N10. Code this to your GST account (820 in the default Chart of Accounts) using the tax rate GST on Imports so that it shows separately in the Transactions by BAS field report and gets reported under 1B. You'll still need to manually add the Deferred GST to 7A.
Create an account in the Chart of Accounts for Deferred GST on Imports. Enable payments to this account and use it to pay the Bill you created for the Deferred GST.
When you pay the BAS to the ATO enter a Spend Money transaction with a separate line for the Deferred GST to clear the liability from the Deferred GST account you created.
To be open and upfront we don't have direct plans for making this change within Xero in the near future. We appreciate this is not the news you’d like to hear but we're still interested to get a clearer understanding of users that'd like to see this developed, and will continue to track this through the conversation here. If there's any change we will let you know on the thread.
Hi everyone, thanks for the idea and support here. We appreciate all the valuable feedback and ideas shared regarding adding item 7A to the Business Activity Statement.
We understand that the ability to easily track deferred GST is crucial to your workflows.
Currently 7A on the BAS is a manual field, which does not update the figures on 1B. To adjust for this, we recommended the following workaround:
Enter the original purchase as BAS Excluded.
Once you have the Customs Entry form N10, you're entitled to claim a GST credit. Create a Bill with the value of the Deferred GST showing on the N10. Code this to your GST account (820 in the default Chart of Accounts) using the tax rate GST on Imports so that it shows separately in the Transactions by BAS field report and gets reported under 1B. You'll still need to manually add the Deferred GST…
Add option in bill awaiting payment summary screen to enter planned payment type e.g.
Direct Debit/ B Pay/ Different Credit Card or bank accounts/ Batch file/ Manual payment.
Payments can then be sorted into these options to create payment files.
This would also help stop double up payments on DD bills and give full visibility to all users on how payments will be made.
Michelle MacFarlane
supported this idea
·
Add option in bill awaiting payment summary screen to enter planned payment type e.g.
Direct Debit/ B Pay/ Different Credit Card or bank accounts/ Batch file/ Manual payment.
Payments can then be sorted into these options to create payment files.
This would also help stop double up payments on DD bills and give full visibility to all users on how payments will be made.