To Prepare a GST Return

MYOB Advanced includes reports that can be used when completing GST returns in Australia and New Zealand. Preparing a GST return involves the following steps, which are discussed in detail below:
  1. Prepare the reporting period.
  2. Make adjustments if necessary.
  3. Release the reporting period.
  4. Run the relevant GST report(s).

Before you Proceed

Ensure that all transactions for the period you are reporting on have been entered and released. The tax system that is set up by default when you install MYOB Advanced ensures that transactions will have been taxed correctly. For an overview of the tax system, see Tax in Australia and New Zealand.

Note: Once you have closed a reporting period, it is still possible to enter more transactions dated for that period. The system's behaviour in this case is determined by the Update closed reporting periods option on the Suppliers (AP.30.30.00) form for the relevant tax agency. If this option is selected, the transactions will be added to the period, and you will have to re-close the period and run reports again. If this option is not selected, the transactiosn will be added to the next open reporting period.

Prepare the Report

Use the Prepare Tax Report (TX.50.10.00) form to calculate GST for a reporting period.
  1. In the Branch field, select the branch to calculate GST for.
  2. In the Tax Agency ID field, select a tax agency. In Australia, this is the ATO; in New Zealand, this is the IRD.
  3. The Reporting Period field should be set to the correct reporting period automatically, but you can choose another period if you need to.
    Note: Reporting periods are based on the Reporting Period Type for the tax agency on the Suppliers (AP.30.30.00) form. Reporting periods are based on a calendar year, e.g. if reports are generated quarterly, this first reporting period will consist of January, February and March.
  4. Click Prepare Tax Report to calculate GST amounts for the period.
The form changes to the Release Tax Report (TX.50.20.00) form and the tax amounts for the reporting period are displayed.

Make Adjustments

Review the amounts on the Release Tax Report form. If you need to make any adjustments, they can be entered at this point in the process.

You can void the entire report by clicking the Void Report button. This returns you to the Prepare Tax Report form, where you will need to prepare the report again.

To make an adjustment, click Adjust Tax to open the Tax Adjustments (TX.30.10.00) form. Enter adjustments on this form, making sure to choose the correct adjustment tax code for the Tax ID.

Once all adjustments are made, return to the Release Tax Report form and click Close Period.

Run Reports

Once the reporting period has been closed, you can run the relevant GST report(s).

Note: The reports you generate should not be sent to the relevant tax agency directly; they are designed to resemble actual tax return forms to make it easier to copy values to the real forms.
In Australia:
  1. Open the GST Calculation Worksheet for BAS report.
  2. In the Tax Agency field, select the ATO.
  3. In the Tax Reporting Period field, select the report you just closed.
  4. Click Run Report. This generates a worksheet showing the amounts to be entered in each GST box on the BAS form.
  5. Use the Export button to export the report to PDF. The report can then be used to fill in your BAS form for submission to the ATO.
In New Zealand:
  1. Open the TX_62_50_01.html#_3b2fab76-b355-4315-8abb-64977047c176 report.
  2. In the Tax Agency field, select the IRD.
  3. In the Tax Reporting Period field, select the report you just closed.
  4. Click Run Report. This produces an IR372 GST adjustments calculation sheet containing the amounts of any GST adjustments you entered for the reporting period.
  5. Use the Export button to export the report to PDF.
  6. Open the TX_62_50_00.html#_85b219fd-551f-4c43-b68e-a2a48edbb6ea report.
  7. In the Tax Agency field, select the IRD.
  8. In the Tax Reporting Period field, select the report you just closed.
  9. Click Run Report. This produces a GST101A Goods and service tax return form containing GST amounts for the reporting period.
    Note: The amounts in Boxes 9 and 13 of this form should match the amounts displayed on the IR372 form.
  10. Use the Export button to export the report to PDF. The report can then be used to fill in your GST101A Goods and service tax return form for submission to the IRD.