If you are lodging your own quarterly business activity statement (BAS) you need to lodge and pay by the 28th of July. When you lodge using our registered agent electronic services you will have until the 25th of August to lodge and pay.
8 things to consider when preparing your own BAS
- Did you allocate all bank transactions to the correct accounts?
- Have you verified that the bank balance listed in your accounting software matches the balance in your bank account?
- Do you have tax invoices and receipts for all business-related transactions?
- How about the GST tax codes for all transactions?
- Have you checked tricky transactions like agency arrangements, business insurance or overseas purchases for GST tax code accuracy?
- Do you have paperwork for asset purchases or new finance arrangements?
- Do you need to include figures for PAYG instalment, fringe benefits tax, or fuel tax credits?
- If you have to report PAYG withholding for employees, you also need to check that your payroll categories and tax calculations are correct for the quarter, (or last month for employers who lodge a monthly IAS).
Checking the figures at each of the BAS reporting labels means your statements are more likely to be accurate and less likely to need GST or PAYGW adjustments at the end of the financial year. This results in you having a more accurate picture of your liabilities throughout the year and being able to plan accordingly.
Would you like more time to prepare and lodge your BAS? If you lodge using our registered tax agent electronic services you will have until the 25th of August to lodge and pay.
Talk to us to assist you with preparing your activity statement or reviewing your business accounting systems and processes to make it easy, accurate and efficient. Find out what other services we provide to help your business run smoother.