BAS Summary: Labels 1-2

Label 1A: GST Sales or GST Instalment

This amount is the total GST payable for the current reporting or tax period. The amount at Label G9, which is calculated from data entered elsewhere in the BAS, is automatically transferred to this field.

Label 1C: Wine Equalisation Tax Payable

The amount of Wine equalisation tax (WET) to be paid may be calculated using the WET payable worksheet. To access the worksheet at this field click [Alt+S].

Label 1E: Luxury Car Tax (LCT) Payable

This field applies if the entity made a taxable supply of a luxury car in the current tax period.

A taxable supply of a luxury car is made if:

• the purchaser quoted their Australian Business Number (ABN) in respect of the supply

• the car was manufactured in Australia more than two years before the supply

• the car was imported into Australia more than two years before the supply, or

• the car is a GST-free export

Luxury car tax on importations of luxury cars is not shown on a BAS but is generally paid with customs duty unless the ABN is quoted to the Australian Customs Service.

The amount of luxury car tax to be paid may be calculated using the Luxury car tax worksheet. To access the worksheet at this field click [Alt+S].

Label 2A: Add 1A + 1C + 1E

This field comprises the amounts at the following labels:

Amounts the ATO Owes You

Label 1B: GST on Purchases

This amount is the total input tax credits owed by the ATO to the business and will be offset against any GST owed (recorded at Label 1A) and against other tax obligations and entitlements shown on this BAS. The amount at Label G20, which is calculated from data entered elsewhere in the BAS, is transferred to this field.

Label 1D: Wine Equalisation Tax Refundable

The amount of wine equalisation tax to be refunded may be calculated using the WET refundable worksheet. To access the worksheet at this field click [Alt+S].

Label 1F: Luxury Car Tax Refundable

This field applies if an adjustment needs to be made to the amount of luxury car tax paid on a previous activity statement and it may be calculated using the LCT refundable worksheet. To access the worksheet at this field click [Alt+S].

A decreasing luxury car tax adjustment occurs because the corrected luxury car tax payable is less than the luxury car tax previously payable.

Label 2B: Add 1B + 1D + 1F

This field comprises the amounts at the following labels:

Label 3: GST Net Amount (Subtract 2A from 2B)

The net amount payable or refundable is one of the amounts included on activity statement.

This amount is calculated as follows:

If the result is a positive amount, this is the net amount of GST payable. If the result is negative, this is the net amount of GST credit.

This amount will be offset against any other obligations of the business.