4 Steps to your BAS Preparation
Firstly the due dates for your Business Activity Statement are as follows –
1 – July, August and September 28 October
2 – October, November and December 28 February
3 – January, February and March 28 April
4 – April, May and June 28 July
Step One: Prepare your Information
Using accounting software for your bookkeeping is the most efficient way to keep your records up to date and provide accurate accounts for your BAS lodgement. Also you should understand Simpler BAS that is now the standard for Small businesses with a GST turnover of less than $10 million – new standard as of July 31st 2017.
Also you will need to –
- Reconcile your accounts with your bank balances to ensure that all your information is accurate and up-to-date.
- Ensure that purchases and cash expenses are recorded and that you have all supporting paperwork and receipts.
- Enter all your sales data and collect all your invoice paperwork
Step Two: Enter Missing Transactions
Record any missing transactions for which you have receipts and invoices. Some accounting software applications have the ability to link to data from your bank making this process much easier.
Step Three: Reconcile and complete the BAS form
You can either run an Activity Statement from your software or, add up all the numbers manually to determine what amount of GST you owe (or are owed) for the relevant reporting period. This will give you a guide to your obligations and provide a starting point for you or your accountant to verify your accounting file.
Step Four: Lodge
If you are satisfied with you accounting data then you can submit your completed form to the ATO by email or electronically via the ATO portal. If you are using an agent or accountant you can email your software file to them and they can double check your data and submit your BAS for you. They may make adjustments against the previous reporting period, correct errors and add any additional data that may be missing. Make sure you pay on time or notify the ATO of your intended payment schedule.
TaxGenuis Bookkeeping Services can help you with any accounting practices.