Use a checklist to prompt review, not replace it
A BAS checklist helps a Victorian small business prepare the information that needs attention before lodgement. It cannot determine the right GST treatment for a particular transaction or replace review by a qualified adviser, but it can make the process more orderly.
The checklist should be adjusted to your actual systems, reporting cycle and payroll responsibilities.
Practical BAS lodgement checklist
Complete the items that apply to your business, and keep notes beside anything that needs clarification.
- Confirm the BAS period, due date and person responsible for approval
- Reconcile every bank, credit-card and material payment account
- Review sales and expense coding, including unusual transactions
- Check invoices, receipts and supplier records are available
- Review payroll, PAYG withholding and super records where applicable
- Compare reports to the prior period and investigate material differences
- Ask the appropriate adviser about uncertain GST or tax treatment
- Keep a copy of the final BAS and supporting reports
What to do if a line does not make sense
A figure that cannot be explained should be investigated before lodgement. It may be a timing issue, a duplicate, an unreconciled payment, a missing receipt or an item that needs specialist advice. The point of a checklist is to surface those questions early.
If records are materially behind, a catch-up plan may be the more appropriate step before the BAS is prepared.
Build a routine you can keep
The most useful bookkeeping habit is the one that is repeated. Set a regular time to collect source documents, review transactions and ask questions while the detail is still familiar. This is usually more effective than a large clean-up close to a BAS deadline.
A bookkeeper can help design the routine and keep the records current, but business owners still play an important role in approving information and explaining transactions that are not clear from a bank feed.
Know when to ask for specialist advice
Bookkeeping and BAS support are practical services, not a substitute for legal, employment or income-tax advice. Where a question involves awards, contracts, business structure, tax planning or a complex tax position, confirm it with an appropriately qualified adviser.
Linda Kops is a Registered BAS Agent (registration number 26001801). BAS services are provided within that registered scope, with clear records giving your accountant or tax adviser a better starting point.