Your activity statement for the March quarter is approaching its deadline. We are able to assist you in either organizing your BAS or assessing your business accounting procedures to ensure a streamlined, precise and efficient lodgement process.
Make sure you have checked off the following:
- Have you allocated all bank transactions to the correct accounts?
- Have you verified that the bank balance listed in your accounting software matches the balance in your bank account?
- Do you have tax invoices and receipts for all business-related transactions?
- Have you checked the GST tax codes for all transactions?
- Have you checked tricky transactions like agency arrangements, insurance or overseas purchases for GST tax code accuracy?
- Have you got paperwork for asset purchases or new finance arrangements?
- Do you need to include figures for PAYG instalment, fringe benefits tax, or fuel tax credits?
- If you have to report PAYG withholding for employees, you also need to check that your payroll categories and tax calculations are correct for the quarter, (or last month for employers who lodge a monthly IAS).
By verifying the numbers corresponding to each of the BAS reporting categories, you can increase the precision of your financial statements and minimize the need for GST or PAYGW adjustments at the end of the fiscal year. This approach will provide you with a clearer understanding of your obligations throughout the year, allowing you to plan accordingly.
If you require assistance, Oke Financial Services is available to assist you. We can assist you in preparing your activity statements or evaluating your business accounting systems to ensure they are streamlined, accurate, and efficient.
Call us today on 1300 552 571