If your business is registered for GST, lodging Business Activity Statements (BAS) is part of your obligatory requirements, just like lodging a tax return. While the ATO has made the processed more streamlined, many small business owners find it challenging to keep up with lodging their BAS on time. That’s totally understandable. After all, you’re often busy juggling so many things in your business and the next thing you know, you’ve received a notification in your inbox that your BAS is due again.
If you’re not registered for GST, but wondering if you should be, our blog Does My Small Business Need to Register for GST explains it all.
There are a few steps to undertake when completing your BAS to ensure that the information is correct, but before we dive in, let’s look at the key due dates.
When is my BAS due?
If you’re reporting quarterly, the table below shows when your BAS is due.
|Quarter||Agent’s Due Date||Standard Due Date|
|1 July – 30 September||25 November||28 October|
|1 October – 31 December||28 February||28 February|
|1 January – 31 March||26 May||28 April|
|1 April – 30 June||25 August||28 July|
If you’re reporting monthly, your BAS is due on the 21st of each month.
Things to Check When Preparing Your BAS
- 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
- If you have tricky transactions like overseas purchases or insurance, check for GST tax code accuracy.
- Have you kept paperwork for asset purchases or new finance arragements?
- Do you need to include any amounts for PAYG Instalments, fringe benefits tax, or fuel tax credits?
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 PAYG Withholding adjustments at the end of the financial year. You will also have a more accurate picture of your liabilities throughout the year, and you can plan your cash flow accordingly.
If you’re still using Excel spreadsheets for record keeping, it’s a good time to look into cloud accounting software like Xero. Online accounting software makes it easier to organise the required information. By using an accounting software, you can also easily produce other reports like Profit and Loss and Balance Sheet. If you’ve heard of those, but unsure how you can use them, read all about it in our blog Why Do You Need to Understand Yoour Financial Reports?
For more BAS and GST tips, check out the ATO website.
Would you like more time to prepare and lodge your BAS? If you lodge using our registered agent electronic services, you will have 4-week extension for lodgement and payment.
Talk to us if you need help with preparing your Business Activity Statement (BAS) or reviewing your business accounting systems and processes to make it easy, accurate, and efficient.