Recording BAS Refunds is a Cinch in Xero

Breaking News & Updates

I personally like the idea of a large renovation but it's risky. Lots of people like the concept of buying a new house and land package and if that's you, you'll find great value for money up the Central Coast, lake Macquarie and Newcastle area. lnkd.in/f6EPk-a

Last week from Steve Slisar's Twitter via LinkedIn



Understanding BAS refunds

accounting for BAS refunds with Xero_comp
No need to be puzzled: Our online Xero courses can walk you through how to account for a business loss or BAS refund from the ATO.

IF YOUR BUSINESS RECORDS a loss for a quarter, you may be entitled to a BAS refund from the ATO. In a new workbook in our Xero training courses, we look at what happens when a business changes strategy and when this change results in a loss. 

Businesses that record a loss sometimes receive a BAS refund from the ATO. You may have the full amount returned to you, or part of the amount.

Are you receiving a full BAS refund?

When you lodge your BAS paperwork, you either owe money (a tax debt) or the ATO owes you money (a refund). Sometimes you mightn’t receive a refund or the refund may be less than you thought.

This could happen if the refund is offset against a tax debt you already owe, or perhaps the refund is being retained by the ATO until you provide further information — which could be as simple as providing the correct bank account details. The ATO provides information about both of these scenarios on their website. Regardless of whether the whole amount, or part of the amount is returned, you’ll need to account for this in Xero.

Create a ‘receive money transaction’

If you do receive a BAS refund, you’ll need to record this money (that isn’t due to a sale) by creating a ‘receive money transaction’ in Xero. Our Xero training courses show you how to do this.

***

Our online Xero training courses show you how changing your business strategy could result in your business making a loss — and how you can account for this. Our Xero courses also walk you through how to lodge and record BAS refunds. For more information, visit our website or go direct to the courses.


learn Xero online learning videos cheapest

Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses.


 

-- Did you like what you read? Want to receive these posts via email when they are published? Subscribe below.

Enter your email address:

Content Marketing by 123ezy

Published by

Steve Slisar

Steve Slisar has been training people how to use computers since 1994, opened a training centre in 1999 in Dee Why and by 2005 had 3 training centres and created over 35 individual courses that include Screen videos with audio commentary, training workbooks for those who prefer to read to learn, and exercise files that are used with the tasks in the workbooks so you get practical experience in the software you are trying to learn. Now the creator of 5 of the most popular online MYOB training courses in Australia.