Preparing your BAS
Businesses registered for GST must lodge business activity statements (BAS) every year with the ATO.
To assist you, here is a record-keeping and submission checklist you can follow to help you prepare and lodge your BAS accurately and on time. You must lodge and pay your BAS on time to avoid incurring any charges or penalties.
The due date for your monthly BAS is usually on the 21st of every month and your BAS quarterly due dates are:
- Q1 (July, August and September) is due 28 October
- Q2 (October, November and December) is due 28 February
- Q3 (January, February and March) is due 28 April
- Q4 (April, May and June) is due 28 July
You must always maintain accurate and detailed record-keeping by:
- Keeping all sales, fees, expenses, wages and other business costs records.
- Avoiding claiming credits for purchases that did not include GST, such as water bills.
- Holding onto tax invoices and other GST records for five years.
- Putting your GST in a separate bank account.
- Only claiming GST credits from GSTregistered suppliers.
- Only claiming business expenses and the business portion of things you purchase (when they are also used for personal use).
Before submitting your BAS, always check:
- You have entered each invoice only.
- You have entered whole dollar amounts.
- Your expenses and sales are from the same period you are lodging for.
- You have completed the fields that apply to you.
Remember, should you have nothing to report, the ATO still requires you to lodge a nil statement.
Need help and want more information? Call Holmans for assistance on (07) 5430 7600 or send us an email.