Running a small business in Brisbane can be incredibly rewarding, but it comes with its fair share of challenges, particularly when it comes to managing finances. One critical task that every small business owner must tackle is the preparation of their Business Activity Statement (BAS). This essential document summarises the Goods and Services Tax (GST) you’ve collected and paid, helping the Australian Taxation Office (ATO) understand your business’s financial position.
To make BAS preparation straightforward and stress-free, this complete checklist is for small business owners. Also, we’ll show you how Priority1 Bookkeeping, a leader among Brisbane bookkeeping services, can assist you in ensuring your BAS is accurate and submitted on time.
1. Gather All Relevant Financial Records
The first step in preparing your BAS is gathering all necessary financial records. This includes:
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Invoices and receipts for sales and purchases
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Bank statements
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Credit card statements
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Payroll records
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Expense reports
Keeping these documents organised and easily accessible will save you time and reduce the likelihood of errors.
2. Ensure Accurate Record-Keeping
Accurate record-keeping is crucial for BAS preparation. Ensure that all transactions are correctly recorded and categorised. Mistakes in your records can lead to inaccuracies in your BAS, which may result in penalties from the ATO.
Priority1 Bookkeeping, one of the top Brisbane accounting firms, can help you maintain accurate records through our comprehensive bookkeeping services. Our experienced bookkeepers use advanced software to ensure your financial data is precise and up to date.
3. Reconcile Bank Accounts
Reconciling your bank accounts involves comparing your bank statements with your business’s internal records to ensure they match. This process helps identify any discrepancies, such as missing transactions or errors, that need to be corrected before preparing your BAS.
Priority1 Bookkeeping’s reconciliation services ensure that your bank statements and financial records align perfectly, providing a solid foundation for accurate BAS preparation.
4. Calculate GST Collected and Paid
Your BAS requires you to report the GST you’ve collected from sales and the GST you’ve paid on purchases. Accurately calculating these amounts is critical to ensure you pay the correct amount of tax.
Using Priority1 Bookkeeping’s expert bookkeeping services in Brisbane, you can be confident that your GST calculations are precise. Our team is well-versed in the latest tax laws and regulations, ensuring your business stays compliant.
5. Complete the BAS Form
Once you have all the necessary information, it’s time to complete the BAS form. This includes:
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Reporting GST on sales
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Claiming GST credits for purchases
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Reporting any PAYG withholding or instalments
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Declaring other taxes like FBT (Fringe Benefits Tax)
Priority1 Bookkeeping offers specialised BAS services in Brisbane to help you accurately complete your BAS form. Our bookkeepers will guide you through each section, ensuring all required information is correctly entered.
6. Review for Accuracy
Before submitting your BAS, review all the information for accuracy. Double-check your calculations and ensure that all entries are correct. This step is crucial to avoid errors that could lead to penalties or additional scrutiny from the ATO.
At Priority1 Bookkeeping, we conduct thorough reviews of your BAS to ensure everything is accurate and complete. Our meticulous approach minimises the risk of errors, giving you peace of mind.
7. Submit Your BAS On Time
Timely submission of your BAS is essential to avoid late fees and penalties. The ATO typically requires BAS submissions quarterly, but your business might have different reporting periods depending on its size and structure.
Priority1 Bookkeeping helps you stay on top of your BAS deadlines. We send reminders and assist with timely submission, ensuring you meet all regulatory requirements.
8. Keep Up with Changes in Tax Laws
Tax laws and regulations frequently change, impacting how you prepare your BAS. Staying informed about these changes is vital to ensure compliance and avoid potential issues.
Our team at Priority1 Bookkeeping continuously monitors updates in tax laws and regulations. We ensure that your BAS preparation aligns with the latest requirements, keeping your business compliant.
How Your Bookkeeping Service Partner Can Help
Priority1 Bookkeeping offers comprehensive bookkeeping services in Brisbane designed to simplify BAS preparation for small business owners. Here’s how we can assist:
1. Expert Bookkeeping Services
Our team of experienced bookkeepers provides accurate and efficient bookkeeping services tailored to your business needs. We handle everything from transaction recording to bank reconciliation, ensuring your financial records are always in order.
2. BAS Preparation and Lodgment
We specialise in BAS services Brisbane businesses trust. Our experts prepare and review your BAS, ensuring all information is accurate and submitted on time. We handle the entire process, so you can focus on running your business.
3. GST Calculation and Compliance
Accurately calculating GST is critical for BAS preparation. We ensure your GST collected and paid are correctly calculated, helping you avoid costly errors and stay compliant with ATO regulations.
4. Regular Financial Reporting
Stay informed about your business’s financial health with our regular financial reporting services. We provide detailed reports that give you insights into your cash flow, expenses, and overall financial performance.
5. Staying Updated with Tax Laws
Our team stays abreast of the latest changes in tax laws and regulations. We ensure your BAS preparation and other financial practices comply with current requirements, protecting your business from potential issues.
6. Personalised Service
We understand that every business is unique. That’s why we offer personalised bookkeeping services tailored to your specific needs. Our approach ensures you receive the support and guidance necessary to manage your finances effectively.
Conclusion
Preparing your BAS doesn’t have to be a daunting task. By following this comprehensive checklist, you can streamline the process and ensure your BAS is accurate and submitted on time. For small business owners in Brisbane, partnering with Priority1 Bookkeeping can make all the difference.
Our expert team provides top-notch bookkeeping services in Brisbane, helping you maintain accurate records, calculate GST, and prepare your BAS with ease. Trust Priority1 Bookkeeping, one of the leading Brisbane accounting firms, to support your business’s financial needs. Contact us today to learn more about our bookkeeping services in Brisbane and how we can help your business thrive.
