14 Oct Guest Blog: Ultimate BAS Checklist: Be prepared and feel confident
FACT: If you run a small business that’s registered for GST, your bookkeeping may feel complicated with the preparation and lodging of your Business Activity Statements (BAS).
And if your quarterly BAS makes you feel overwhelmed or anxious, we’ve got you covered at Accounts All Sorted with our Ultimate BAS Checklist. It contains everything you need to know about preparing your BAS and what else you need to consider, so you can feel more relaxed and confident.
Preparing for your BAS … what you need to know
Mention the ATO and most business owners want to run and hide. But it doesn’t have to feel that way, and with the right bookkeeping support, preparing for and lodging your BAS can be easy and stress-free.
What is BAS?
According to Xero: A business activity statement (BAS) summarises what revenue you take in over a period of time. A BAS can also be used to record expenditure and other taxes and credits, such as fringe benefits tax, luxury car tax, wine equalisation tax, and fuel tax credits. GST-registered small businesses submit a BAS to the Australian Tax Office (ATO) to work out:
? Their GST bill or refund
? What tax has been withheld from employee pay and must be sent to the ATO
? Their income tax instalments if they’re in the pay-as-you-go (PAYG) system Source: Xero
Bookkeeping for small business: How Accounts All Sorted can help
At Accounts All Sorted, we are the registered BAS agent for many small businesses around Australia, and one of the biggest problems we see our small business clients having (before working with us) is the preparation and lodging of their quarterly BAS.
Our clients don’t have BAS headaches now because we do the hard work for them. But if you are doing the books yourself (helping your husband in the family business or spreading yourself between two businesses), we know how time-consuming and confusing it can be to have your books organised to lodge your BAS on time so you’re not penalised.
The Accounts All Sorted Ultimate BAS Checklist
If your business is growing and you are struggling to find time to keep up with all the requirements, including your BAS, bookkeeping support can go a long way to helping you win back your time and sanity, while helping keep your business organised and compliant. Make our BAS checklist your starting point.
1. Preparing your Business Activity Statement
Each quarter, gather together documentation for that reporting period including:
? Equipment, vehicles and property you have purchased or sold
? Overseas purchases
? Loans for the business
? Loans from the business to the owner/directors
? Government grants, insurance claims and other financial agreements you have in place
2. Before lodging your BAS
? Process all expenses and income
? Process all wages
? Process all loans
? Process all government grants
? Calculate fuel tax credits
? Reconcile cash, POS and bank accounts
? Reconcile PAYG, Super and ATO accounts
? Review GST codes
? Review BAS
? Lodge BAS
3. After lodging your BAS
? Process the journal in your accounting software (such as Xero)
? Lock BAS period into your accounting software
? Pay on time (if applicable)
? Keep a copy of the BAS for that quarter
Keep your BAS hassle free with Accounts All Sorted
We hope you found our Ultimate BAS Checklist helpful and have saved it for your next instalment!
Just remember, you don’t have to go it alone. Many small businesses work with a bookkeeper to look after their BAS and GST obligations. We can help you by either doing your bookkeeping for you or working with you.
If you are doing the books yourself and need a helping hand, please get in touch. We’d love to help you ~ lets chat! Book in now click here