The MWL Guide to BAS Lodgement
Whilst we would hope that everyone reading this has already lodged their 2017/18 Quarter 1 BAS, our guide to BAS lodgement can come in handy for the next quarter – or for those laggards still hurrying to submit on time.
The BAS – Business Activity Statement – is one of the critical elements of financial and management accounting. If you fail to submit your BAS on time, you may incur fines or penalties for late lodgement or failure to lodge. So in order to be best prepared and make the BAS lodgement process that touch easier, the team at MWL have developed some tips for businesses to follow:
Reconcile Your Accounts
With the majority of businesses requiring a quarterly BAS lodgement, it provides a regular time to reconcile all accounts and ensure bank statements align with your accounting records. Not only will this make your BAS lodgement easier and problem-free, it will negate any longer term accounting inconsistencies that may grow into larger issues further down the track.
Collate all Documents
Collating all reports and documents brings all business activity information together, and can then be organised into accounts or categories that will make accounting practices more efficient for your business. Collating all documents will also present the opportunity to enter any missing financial information when cross-referenced with accounting information, to ensure accuracy in reporting.
Categorise all Accounts Accordingly
Categorising all accounts will streamline your BAS process immensely. Financial accounting software can make this process easier, and seeks to ensure that your groupings are categorised correctly according to BAS requirements.
Understand Lodgement Periods
It is critical to ensure that your statements only apply to the periods required for your BAS, where elements such as accrual and real-time accounting will play an influence. It is also the responsibility of your business to check whether monthly or quarterly BAS lodgements are required, including the reporting of required GST and PAYG information.
If your business requires further assistance in lodging your BAS, or with any other business related financial issues, contact a Business Advisory Specialist from MWL today.