Subtitles of the Movie

In this lesson we're going to look at Activity Statement Setup. Because GST Reporting varies between businesses though, I can only show where all of the options are. I cannot provide any advice or recommendations on how to set up your activity statement. For this you'll need to contact your accountant or the tax office. We access the Activity Statement Setup from the Menu by choosing Setup and Company Information and then clicking the Baz Info Button at the bottom. In the top section of this window, we have the GST Settings. The first one is GST Reporting Frequency and we have the options Monthly, Quarterly, Annually and Not Registered. Our choice here determines whether some or all of the other settings in this section of the window are available. We'll start with the settings available when this is set to Monthly, but first is GST Accounting Basis and the choices here are Non-Cash or Accruals and Cash. Next we choose whether or not we claim fuel tax credits. At the top right is the calculation method; Accounts or Calculation Worksheet. If we choose Calculation Worksheet, we have the option of using the simplified accounting method and if we choose that, we can set percentage values for GST-free sales and GST-free purchases. OK, returning to the GST Reporting Frequency, let's choose Quarterly, Now we have a GST Option Setting. Our choices are one, two or three and if we choose three, we can set a GST installment amount. Next is reporting annually and we've covered all of the settings available with this option so let's move on to the last one; Not Registered. As you might expect, this one has no settings at all. I'll return this to Quarterly and in the next section, PAYG Installments, our first choice is installment reporting frequency: Quarterly or Not Registered. However, if we set the GST Reporting Frequency at the top to Not Registered, we get another choice; Annually. If we choose Not Registered here, the rest of the settings disappear. So I'll choose Quarterly and I'll return the GST Reporting Frequency to Quarterly as well. OK, the next setting here is Installment Accounting Basis. And the choices are Non-Cash or Accruals or Cash. Next is the Installment Option. If we choose Option 1, we then set a PAYG Installment Amount below. If we choose Option 2, we set a PAYG Installment Rate in percent. Down in the bottom section we set a PAYG Reporting Frequency of either Not Registered, Monthly or Quarterly. And finally at the right, FBT, WET or LCT Obligations. This setting changes when we set the GST Reporting Frequency at the top to Not Registered. In this case it's only FBT and that pretty much covers this window so let's move on to the next lesson.