Preparing your BAS in TaxTank is simple. We prefill the key amounts for you based on your transactions, so you can focus on reviewing and lodging.
How BAS works in TaxTank
TaxTank reports BAS on a cash basis, which means:
GST is only reported on income when payment is received
GST is only claimed on expenses when they are paid
This is the standard method for sole traders and commonly used by small businesses.
Before you generate your BAS
Because we use real transaction data, it’s important everything is up to date:
✅ Bank accounts are connected and synced
✅ Transactions are allocated correctly
✅ Invoices and expenses are up to date
Once that’s done, TaxTank will do the heavy lifting.
How to create a BAS Report
To get started:
Go to the Reports tab and select BAS Report
Select ‘Add Report’ (top right)
Select the business (or businesses) to include
Choose your reporting period
👉 Important - If you have multiple businesses under the same ABN, make sure you select all of them so your BAS includes the full income, expenses and GST position.
What TaxTank prefills
When you create a BAS, we automatically calculate:
Total sales
GST on sales
GST on expenses
All based on your reconciled transactions and invoices for the selected period. You’ll then just need to enter any additional amounts if they apply:
PAYG Withholding
PAYG Instalments
Fuel Tax Credits
If not applicable, simply enter 0 and save.
FAQs
Q: Can I view or manage my BAS reports?
A: Yes. You can use the filters on the BAS dashboard to view reports by business, and review or update any existing BAS reports.
Q: How do I lodge my BAS?
A: TaxTank aligns your BAS with ATO labels, making it easy to lodge directly via myGov. Or alternatively, you can share with your accountant for review and lodgment.
Q: Can I prepare a BAS for entities not part of my sole trader business?
A: Yes. You can create additional businesses in Sole Tank for entities like simple micro-companies, trusts, partnerships, or commercial properties. These can be excluded from your personal tax calculations while still allowing you to manage invoicing, track transactions, and prepare BAS reports.