If you’re lodging your own Business Activity Statement for the June quarter, you needed to lodge and pay by 28 July 2022. Nevertheless, if you lodge using CM Books and BAS registered services, you have until 25 August to lodge and pay.
If you plan to lodge your own BAS, please consider the following to avoid any unwanted penalties or fees…
- 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, results in more accurate Business Statements, less likely to need GST or PAYGW adjustments at the end of the financial year. Furthermore, you will have a accurate guage of your liabilities throughout the year and plan accordingly.
Having said that, if you would you like more time to prepare and lodge your BAS, talk to us if we can assist with preparing your activity statement or reviewing your business accounting systems and processes to make it easy, accurate and efficient.