What is BAS excluded?
What are BAS Excluded transactions? What is the difference between BAS Excluded and GST free expenses?
"BAS excuded" refers to any goods or services that fall outside of Australia's Goods and Services Tax (GST) legislation. This means you don't have to pay the 10% GST on these items or include them in the GST section of your BAS. The ATO has a full list of BAS Excluded items on their website but some examples include:
- Loan repayments
- Donations to charity
- Prinvate transactions/drawings from the business
- Stamp duty