GST and Tax

This page contains information relating to GST / Business Activity Statement and Tax reporting changes that will be released in early 2024. 

These enhancements will provide tools to assist with accurate reconciliation and reporting for lodgement to the Australian Taxation Office, either directly using the SBR or via the ATO Portal by a registered BAS / Tax Agent or Accountant.  Tax Year End reporting will also be updated, removing the existing Tax Year Setup and Tax Year Financial Statements.  Employee payments for wages will also be managed more easily.

Please note that changes to the below may still occur. Online sessions and articles will be provided before release. 

Reporting will be enhanced to show onscreen what section of the Business Activity Statement each transaction will report to and allow for changes to be made.  

  • Registration can be completed separately for GST / PAYG / PAYG Withholding in Building Information.
    • Account Group Setup can be used for owner corporations with separate registration requirements.
  • New tax code selections will be added (see below) for more accurate reporting (Tax code setup will be removed).
  • BAS Info Editor fields will be available in Building Information at registration or in the Business Activity Statement settings (BAS Info editor will be removed).
  • New status options will include if a BAS is prepared, overdue, or has issues.
  • BAS Report will provide a summary to be used to assist with lodgement.
  • Non-Mutual Income report will be updated to Non-Mutual Income Search.

BAS and GST Video

Building Information - Registration

Tax Codes

GST Tax codes expanded to allow for better assignment of income/expense and capital account reporting:

  • GST on Income
  • GST on Expenses
  • GST on Capital Purchases
  • GST Free Sales
  • GST Free Expenses

Other Tax Codes

  • PAYG Instalment Tax  - (fixed or percentage for income tax instalments)
  • PAYG Withholding (no ABN) - related to payment of an invoice when no ABN is supplied
  • Wages Excluding Tax
  • Tax on Wages
  • Non Claimable Items
  • Not Included in BAS
  • Export Sales

Business Activity Statement 

The Business Activity Statement will be enhanced to provide a new interface for checking the portfolio and allow:

  • Review all registered buildings, including periods and next-end (reporting) dates.
  • Display options for the account manager/management office / the current building or all buildings.
  • Display only BAS's with issues, overdue or all.
  • Amend the configuration for acceptable tolerance for reconciliation and set due dates.
  • Selection of an individual BAS:
    • Last BAS review.
    • Review current BAS.
    • Prepare the current BAS after the end of the period.
    • Finalise current BAS when no issues remain and process ATO Creditor invoices.
    • Re-Open last BAS.
    • Report BAS amounts.
    • Amend Tax Setup.

Review of an individual BAS will:

  • Show the reporting period, BAS item totals and variances
  • Allow selection of the BAS info item to:
    • Display the related accounts and totals.
    • Select a specific account to see individual transactions.
    • Edit an individual transaction or account to update the Tax (GST) Code and amend transactions.
    • Review DocMax linked document if applicable.
  • Allow saving to prepare the BAS and amend if adjustments are to be made before finalising.

Search BAS

This search will provide access to past completed BAS's, allowing for viewing and reporting.

Tax Year End

Income Tax lodgement reporting will be enhanced to provide more accurate information in line with the details required by the Australian Taxation Office (ATO).  This information will be able to be used to complete annual July - June tax requirements for a Building.  This information can be transposed online or to a manual ATO form for lodgement, either by a registered Tax Agent or authorised public officer.

The Income Tax status will allow the review of information that is to be provided to assist with lodgement of the income tax return.  Amendments can be completed and the prepared to complete the Tax Year End process and mark all transactions for the year.

Enhancements have added into Account Maintenance for further definition:

A new Income Tax search and report will also be available.

Contact Bank Account Approval 

Optional workflow for managing Creditor / Contact Bank Accounts entered into StrataMax will be available. This feature is designed to help manage the workflow where users enter or make changes to bank details, call or contact the creditor/contact to verify the changes and sometimes request additional information and approve the changes once sufficient information has been received. 

Some of the features include:

  • Ability to enter or update bank account details while the old bsb and account also displays in the contact card
  • Payments will not be processed for a creditor/contact that has pending bank account changes
  • Desktop Dashboard to identify pending bank account changes & whether the changes have been confirmed with the creditor/contact
  • Ability to attach documents that team members can refer to
  • Ability to record time stamped notes that cannot be edited or deleted
  • Separate security permissions to allow changes to be marked as 'Confirmed with creditor/contact' and to mark the changes as 'Approved'. Only once marked as approved will payments process to the creditor/contact.