What a BAS process needs before lodgement
A Business Activity Statement draws on the bookkeeping records for the period. Before it is prepared, the bank and relevant payment accounts should be reconciled, sales and expense transactions should have been reviewed and any unclear GST treatment should be resolved with the right adviser.
The exact labels and obligations vary by business, which is why the process should be based on your own records and reporting requirements rather than a copied checklist. A Registered BAS Agent can help prepare and lodge BAS or IAS work within their registered scope.
A practical pre-lodgement checklist
Use the checklist as a prompt for a conversation, not as a reason to assume every line applies to your business. If something is unclear, ask the question before the activity statement is finalised.
- Confirm the correct activity statement period and due date
- Reconcile bank, card and relevant payment accounts
- Review sales and purchases for obvious coding errors
- Collect documents for unusual or unclear transactions
- Check payroll records and PAYG information where applicable
- Review the BAS figures with the person responsible before lodgement
If the records are not ready
Do not guess figures because a deadline is close. Start by identifying what is incomplete and whether a focused catch-up is needed. In some cases the correct next step is to bring the records up to date before BAS preparation; in others, a Registered BAS Agent can clarify the information required.
If a matter involves income tax, entity structure or a position outside a BAS Agent’s scope, discuss it with your accountant or tax adviser.
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.