Your quarterly BAS statement is due soon. If you are lodging your own quarterly activity statement you need to lodge and pay by the 28th of April. If you lodge using our registered agent electronic services you will have until the 26th of May to lodge and pay.
How to Prepare Quarterly Financial Statements
- Have you allocated 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?
- Have you checked the GST tax codes for all transactions?
- Have you checked tricky transactions like agency arrangements, insurance or overseas purchases for GST tax code accuracy?
- Have you got the paperwork for asset purchases or new finance arrangements?
- Do you need to include figures for PAYG instalments, 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. Plus, you'll have a more accurate picture of your liabilities throughout the year and be able to plan accordingly.
Need Help Lodging Your Quarterly Business Activity Statement (BAS)?
Achieve Business Solutions are the financial planners Mornington business owners can rely on. We can help you prepare your quarterly activity statements or review your business accounting systems to make it easy, accurate and efficient. Talk to us today.