Skip to main content

VAT Return

VAT Return​

The VAT Return is the equivalent to the Australian Business Activity Statement (BAS). It is a two-page form made up of the VAT Return sheet and the Trading Details Return sheet. It is used as the return for VAT and various other taxes.

To access the VAT Return:

  1. Select Accounts in the Folders list, select VAT and a list of existing VAT categories appears:

    2936

Image Description

The ABM main screen showing the "VAT" list view within the Accounts section. The left panel displays the folder navigation tree with Business Tools, Customers, Suppliers, Products, Accounts (expanded), and other categories. The main area shows a list of VAT categories in a table with columns for category name and rate. Visible categories include entries such as "17.5% VAT", "Exempt Customs", "VAT at Customs", "Personal/21.25%", and "Zero Rated Products" with their corresponding percentage values. The toolbar at the top provides options including Search VAT, Add New, Delete, Settings, Refresh, Send To Excel, VAT Return, and related reporting options.

List of current VAT categories

  1. In the VAT Reporting menu bar, select VAT Return:

    3273

Image Description

The "VAT Return & Trading Details" screen with a toolbar at the top containing buttons: "Calculate from Accounts", "Save VAT Return", "Print", and "Send To Excel", along with a "Home" navigation link. The screen has two tabs: "VAT Return" (currently selected) and "Trading Details Return". The VAT Return tab displays two columns of fields. On the left: VAT on Sales (T1), VAT on Purchases (T2), Estimate of T1 over T2 Reclaimable (T4), Value of Goods sent to other EU Countries (E1), and Value of Services sent to other EU Countries (E2), each with corresponding amount fields. On the right: Including Reverse VAT on Supplies, Including Reverse VAT on Purchases, Estimate of T2 over T1 Reclaimable, Value of Goods rec'd from other EU Countries (E2), and Value of Services rec'd from other EU Countries (E2), with their respective amounts. A note at the bottom states that amounts in the VAT and Trading Details returns can be adjusted by direct entry but will not be reflected in accounts.

VAT Return

The grids show all VAT Returns and Trading Details and their corresponding amounts. ABM automatically calculates the amounts according to the current figures available in the accounts.

You can enter new amounts and percentages in the VAT Return and the Trading Details Return. This will change the information in the printed return but will not be reflected in your accounts.

  • Calculate from Accounts: Computes the VAT Returns from the transactions in the current tax period and Trading Details Return from transactions in the current financial year.
  • Save VAT Return: Saves the VAT Return to disk but not the Trading Details Return, which needs to be calculated each time. The figures saved will appear in the VAT Return report.
  • Print: Prints the VAT and Trading Details Returns.
  • Send to Excel: Copies the VAT and Trading Details Returns to Excel for further analysis.