How to prepare your business activity statement

 In Tax, Uncategorized

Here are some handy tips to consider when preparing your business activity statement (BAS).

Once you’ve registered your business for goods and services tax (GST), you’ll need to complete your business activity statement (BAS) monthly, quarterly or annually to meet your tax obligations.

Here are some ways to help you complete your BAS correctly and on time.

Prepare your information

Make sure your numbers are spot-on to help you report your BAS correctly the first time.

  • Double check you’ve included all your transactions
  • Make sure they’re all business expenses
  • Ensure your sales and expenses are for the same dates as your BAS reporting period
  • If you’re using accounting software, make sure you’ve coded items correctly

Complete your BAS

Once you have your numbers ready, you can complete your BAS either online or using a paper form. The Australian Tax Office (ATO) has detailed instructions to help you complete the GST section of your BAS.

Some things to remember are to:

  • Enter whole dollars in the boxes
  • Leave boxes blank if they don’t apply to you
  • You’ll only be able to enter positive values in your BAS form

Lodge and pay on time

Submit and pay your completed BAS by the due date to avoid paying any interest or penalties. There are a number of ways to do both, so choose what suits you – for instance, you can submit your BAS online, by mail or through a registered tax or BAS agent. The ATO website provides more detail on each of these options.

Keep your records

Once you’re done with your BAS, you’ll need to keep a copy of it and the supporting documents for a number of years to meet the ATO’s record keeping requirements.

To find out more about BAS, call Adam and the team on 03 9988 7777, we are here to help.

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