Your December activity statement is due towards the end of February.
Make sure you have checked off the following:
- 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 paperwork for asset purchases or new finance arrangements?
- Do you need to include figures for PAYG instalment, 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?
Talk to us today. We can help you prepare your activity statements or review your business accounting systems to make it easy, accurate and efficient.
This post was originally written by BOMA and has been updated to make it more personal.
