As a business owner, staying on top of your BAS (Business Activity Statement) obligations is crucial to maintaining compliance with the ATO and keeping your finances in order. Whether you’re lodging your BAS monthly, quarterly, or annually, preparation is key to ensuring the process is stress-free and accurate.
At First Class Accounts Wanneroo, we specialize in helping businesses like yours streamline their BAS lodgement process. With over 27 years of experience in financial services, we’ve put together this step-by-step guide to make your BAS preparation easier.
Step 1: Organize Your Records
Before you begin, ensure all your financial records are up-to-date and accurate. This includes:
- Sales invoices
- Purchase receipts
- Payroll records
- Bank statements
Using cloud-based bookkeeping software like MYOB, Xero, or QuickBooks can help you maintain organized records and reduce manual errors.
Step 2: Reconcile Your Accounts
Reconciling your accounts ensures that your financial data matches your bank statements. This step is critical for identifying any discrepancies and avoiding errors in your BAS.
Step 3: Calculate GST
Make sure to calculate the GST you’ve collected on sales and the GST you’ve paid on purchases. This will help you determine the amount payable or refundable.
Step 4: Review Payroll Obligations
If you have employees, ensure that your payroll records are accurate and up-to-date. This includes PAYG withholding amounts and superannuation contributions.
Step 5: Lodge Your BAS on Time
Mark your BAS lodgement due dates on your calendar to avoid late penalties. Here are the key dates to remember:
- Quarterly BAS: Due on the 28th of the month following the end of each quarter (e.g., 28th April for Q3).
- Monthly BAS: Due on the 21st of the following month.
If you’re unsure about your due dates, reach out to a BAS Agent for guidance.
How First Class Accounts Wanneroo Can Help
As a registered BAS Agent, We can take the stress out of BAS lodgement for you. Whether you need assistance with bookkeeping, payroll, or GST calculations, my team and I are here to ensure your compliance and peace of mind.
We also offer:
- Software training and support for MYOB, Xero, Reckon, and QuickBooks.
- Flexible services, including after-hours appointments and remote support.
- Regular financial reports to help you track cash flow and seasonal trends.
Book Your Free Consultation Today!
If you’re ready to simplify your BAS lodgement process, book your free one-hour consultation with First Class Accounts Wanneroo. Call us at 0414 237 201 or email [email protected] today!