Your monthly activity statement is due by the 22nd or 25th of this month, depending on whether you lodge your activity statements monthly or quarterly.
If you lodge monthly BAS, it is only the July BAS.
If you lodge quarterly BAS (including PAYG), it is only the June BAS.
If you lodge monthly IAS and quarterly BAS, you are in for the double whammy of June BAS (including PAYG) and July IAS. But at least you didn’t have to lodge last month.
Use the following checklist to make sure you are ready for lodgement day:
- 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 car registration, agency arrangements, insurance or overseas purchases for GST tax code accuracy?
- Have you got paperwork for asset purchases or new finance arrangements?
- 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 IAS or BAS reporting labels means your statements are more likely to be accurate and less likely to need GST adjustments at the end of the financial year. This results in you having a more accurate picture of your liabilities throughout the year and being able to plan accordingly. And saves you money as your accountant won’t have to do as much fixing!
Any questions? Talk to us. We can help you set up the processes to make this area of your business easy – and you can focus on your business.
This post was originally written by BOMA and has been updated to make it more personal.
