Tax Summary

Tax collected on sales and paid on purchases. Essential for GST, VAT, and sales tax reporting.

Overview

The Tax Summary shows all tax amounts for a period, helping you calculate what you owe the tax authority or what they owe you.

Region-specific names

What it shows

• Tax collected from customers (on sales)
• Tax paid to suppliers (on purchases)
• Net tax position (owe or refund)
• Breakdown by activity

Report sections

Tax Collected

Tax charged to customers on sales:

• GST/VAT/Sales Tax on invoices
• Tax on cash sales
• Adjustments and corrections

This is what you owe the tax authority.

Tax Paid

Tax paid to suppliers on purchases:

• GST/VAT on bills and expenses
• Tax on capital purchases
• Import tax paid

This reduces what you owe or creates a refund.

Net Tax Position

Net Tax = Tax Collected - Tax Paid

Generating the report

Step 1: Set date range

• Match your reporting period
• AU: Quarterly (Jan-Mar, Apr-Jun, Jul-Sep, Oct-Dec) or monthly for large businesses
• UK: Quarterly VAT periods
• US: Monthly, quarterly, or annually (varies by state)

Step 2: Choose reporting basis

AU Default: Most businesses use accrual for BAS

Step 3: Click Generate Report

Understanding the layout

Summary stat cards

Top cards show:

• Tax Collected — Total tax on sales
• Tax Paid — Total tax on purchases
• Net Position — Payable or refundable amount

Report table

Tax Collected Section:

Tax Collected
────────────────────────────────────────
GST on Sales                    $2,450
GST on Cash Sales                 $150
GST Adjustments                     $0
────────────────────────────────────────
Total Tax Collected             $2,600

Tax Paid Section:

Tax Paid
────────────────────────────────────────
GST on Purchases                $1,800
GST on Expenses                   $350
GST on Capital Items              $200
────────────────────────────────────────
Total Tax Paid                  $2,350

Net Position:

════════════════════════════════════════
Net GST Payable                   $250

AU-specific: BAS fields

The Tax Summary maps to BAS fields:

Note: G9 (GST payable/refundable) = 1A - 1B

Using the report

BAS preparation (AU)

1. Generate for the BAS period (quarter or month)
2. Verify Tax Collected = Box 1A
3. Verify Tax Paid = Box 1B
4. Net position helps validate G9

For businesses that are not currently registered for GST, Prepare BAS is hidden in the Tax module. Rebased keeps sales outside GST as N/A and routes non-claimable purchase GST away from BAS reporting until registration applies.

Cash flow planning

• Positive net = plan payment to tax authority
• Negative net = expect refund
• Timing depends on lodgment due date

Compliance check

• Reconcile to General Ledger GST accounts
• Verify against invoice and bill listings
• Check for unusual adjustments

Record keeping

• Export and save with each lodgment
• Supports audit trail
• Evidence of tax calculations

Exporting

CSV export

1. Generate the report
2. Click Export → CSV
3. File downloads as Tax_Summary_YYYY-MM-DD.csv

Use for:

• BAS/Tax return preparation
• Accountant review
• Record keeping
• Reconciliation

Best practices

Reconciliation

Before lodging BAS/Tax:

1. Reconcile bank accounts
2. Verify all invoices/bills posted
3. Check for draft transactions
4. Review tax codes are correct

Reporting period

• Stick to official periods (don’t use custom dates)
• AU BAS: Quarterly (or monthly if turnover > $20M)
• UK VAT: Quarterly periods
• US: Varies by state and registration

Basis consistency

• Use same basis as previous periods (usually)
• Changing basis requires notification to tax authority
• Most small businesses use accrual for BAS

Verification

Cross-check sources:

• Tax Summary vs General Ledger (GST accounts)
• vs Invoice Summary (GST on sales)
• vs Bill Summary (GST on purchases)
• vs Aged Receivables/Payables (unrealised tax)

AU-specific notes

BAS lodgment

• Quarterly due 28 days after quarter end
• Monthly due 21 days after month end (if applicable)
• Lodged via Business Portal, Tax Agent, or STP-enabled software

GST on accrual basis

• GST reported when invoice sent (not when paid)
• Even if customer hasn’t paid, you owe the GST
• Bad debt adjustment available if never paid

GST-free and exempt sales

• Some sales have no GST (exports, basic food, etc.)
• Reported in G1 but not in 1A
• Check tax codes are correct (GST vs GST-FREE vs EXEMPT)

Input tax credits

• GST on business purchases is claimable
• Must have tax invoice for amounts over $82.50
• Cannot claim GST on private purchases

Cash vs Accrual comparison

Troubleshooting

Tax amounts seem wrong

• Check tax codes on transactions
• Verify reporting basis setting
• Review date range matches reporting period
• Check for unposted draft transactions

Can’t reconcile to GL

• General Ledger GST accounts should match
• Look for journals affecting GST accounts
• Check for rounding differences
• Verify period matches

No tax showing

• Check business region setting
• Verify tax codes configured
• Confirm transactions have tax codes applied
• Check “N/A” or “EXEMPT” isn’t overused

Large unexpected balance

• Review large transactions
• Check for duplicated invoices/bills
• Verify tax rate applied correctly (10% for AU GST)
• Check for prior period adjustments

Cash vs accrual difference large

• Indicates timing differences in payments
• Large receivables = accrual much higher
• Large payables = accrual may be lower
• Normal if payment terms are long

Related pages

• Tax Code Summary — Tax breakdown by code
• BAS Preparation — AU BAS detail (AU only)
• General Ledger — GST account detail
• Invoices — Creating tax invoices
• Tax — Tax settings and BAS lodgment

Last updated: February 24, 2026