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Bas Prepration

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Never been confident that you're doing it right – want someone to run their eye over your file and
then use their discoveries to help you get it right in the future and, in so doing, acquire some nifty
reports that will enable you to do your error checking. Call us now to organise a review.

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We are investigators, so take the What, Why, and When stress for your Quarterly BAS Preparations.

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  1. Double-check that yyou've included all your transactions.

  2. Make sure they're all business expenses.

  3. Ensure your sales and expenses are for the exact dates of your BAS reporting period.

  4. If you're using accounting software, we assist with coding correctly!

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The end of every quarter means you have another BAS (Business Activity Statement) due for your business! Our BAS checklist will help you get things organised for your BAS. This will us to prepare and lodge your BAS on time.

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  • Have you entered or sent us all outstanding bills that need to be entered and made sure they are paid if they are due? If you're using Receipt Bank or HubDoc or simply attaching your bills and receipts to your accounting software, please ensure you haven't entered and posted these correctly.

  • Have you issued all invoices for the quarter? There needs to be a matching invoice for each payment you receive for the goods or services you sell.

  • Have you paid all your wages and superannuation for the quarter?

  • Are you ready to get your bank statements as soon as they are available at the end of the quarter? It is essential to cross-check your bank feeds or manual bookkeeping files against the bank statements to make sure that all business income and expenses are included accurately.

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We request that you provide us with all the required information for each BAS preparation or coordinate with your assigned cloud bookkeeper to complete and report your BAS on time to avoid late lodgement penalties. The BAS checklist below will help you prepare for the next BAS.

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BAS Checklist

Generally, you should provide us with the following for each BAS preparation:

  • Goods & Services Tax (GST)

    • Invoices

    • Deposit Book

    • Bank Statements

    • Credit Card Statements

    • Cheque Book

    • Cash Receipts

    • Capital Assets Purchases Information: Invoices and Finance Agreements

    • Hire Purchase/Chattel Mortgage Statements

    • Lease and Loan Statements

    • Insurance details

    • Home office information and % of use

    • Closing Stock / Work in Progress at period end

  • Salaries & Wages information – PAYG withholding information – Amounts withheld from employees and others (If applicable)

    • Total amount of salary and wages, including commissions, directors fees, eligible termination payments and non-cash benefits paid

    • Amount of tax withheld from total salaries and wages paid

    • The amount withheld from investment distributions as a tax file number was not quoted

    • The amount withheld from creditors' payments as an ABN was not quoted

  • Pay As You Go Instalment – Details of any partnership or trust instalment income for the period (If applicable)

  • Fuel tax credits – Total number of litres for the period (If applicable)

You should be able to make a distinction between:

  • Cheque Receipts/Payments

  • Cash Receipts/Payments

  • Credit Card Receipts/Payments

In addition, you should advise us of the following information:

  • Purchases of any new capital assets in the relevant period

  • Information about sales of any capital assets

  • Report any changes that will affect BAS reporting, e.g., changes in business structure.

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Summary

Please go through our BAS checklist. Summarising, a couple of things for you to remember!

  • If you're doing your bookkeeping, please ensure your Xero, Quickbooks Online, MYOB or manual bookkeeping file for the quarter is fully reconciled. You will already know of our processes if we're managing your regular bookkeeping. Please make sure that you submit all the information we have requested. This will enable us to review and complete your BAS and forward it to you for signing before the required date of lodgement.

  • Please ensure that information relating to all aspects of the activity statement is provided. Please go through our BAS checklist of information that would likely be required to prepare the activity statement.

  • Please note a BAS is required to be lodged even if an entity has not made any taxable supplies or the net amount of tax due is nil. Accordingly, a nil BAS must be prepared and forwarded to you for signing and lodgement.

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How can we help?

Accounts by Day is a boutique Bookkeeping practice headquartered in Melbourne. A team of qualified and well-experienced BAS agents and bookkeepers will help you navigate your personal and business tax affairs smoothly.

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We serve our local communities in Bacchus Marsh and surrounding suburbs. 

 

Online accounting and bookkeeping combined with our virtual communication technologies have given us the edge to meet our client's needs without physically meeting them in our offices.

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