Here we are at the end of another quarter (what, already?!)
If you report your BAS on a cash basis – any payments you make up to and including 31st March could generate GST credits (lower the amount payable). If you report on an accruals basis – you’ll already be entitled to credits on bills you received even if you’ve not paid. Paying those bills will keep your suppliers happy!
Then its time to start preparing the BAS.
Remember to:
– verify all transactions have been processed (reconciled),
– corroborate bank balance of each and every account matches the paper (or pdf) bank statement
– review your GST audit report to make sure expenses and income have been categorised correctly. All personal expenses are BAS excluded.
– ensure your wages payable account = $0 as at 31st March (all wages have been paid to employees)
– confirm nothing has been coded directly to wage expense accounts. ALL wages and directors fees need to be processed via payroll with super applied and tax deducted to be considered a legit business expense.
– establish if PAYGI amounts have been preprinted on your BAS
– substantiate all figures by saving reports for future reference
Ready to lodge!
Not sure you’re the best person to do all the checks? Ask us if we could help you remain on the better side of the ATO. Only BAS agents can assist with BAS preparation and lodgement. If your bookkeeper is not registered they cannot provide you with ANY information that could be included in your ATO lodgement.
