Best Business Activity Statement Preparation Tips You Will Read This Year
Business Activity statement Preparation is to be filed quarterly with Australian Tax Office.
We at Rayvat Accounting help business in Business Activity Statement and duly completing the quarterly compliance requirement of your Australian business. We ensure that BAS is prepared in error free manner by preparing relevant work paper as a backup of the documents for your Business Activity Statement.
We plan and complete your Online Bookkeeping Services work in stated deadlines in order to ensure that you do not miss your return filing deadlines.
Your Business Activity Statement (BAS) would be supplied by the Australian TAX office before 2 weeks that you need to submit your report. Utmost care should be taken while filling out this form as even a minor mistake could lead to penalties.
The Business Activity statement Preparation consists of the exact amount of GST returns as well as details of various other taxes. Some of these taxes that are mentioned in the BAS are the PAYG, FBT as well as company tax instalments. According the the industry that the firm is in and the amount of turnover.
Here are Some Tips to Ensure Error Free Preparation of BAS:
- Check the tax codes in the accounts for errors.
- Check the Ledgers to ensure that claiming of GST is consistent and any of the invoices has not been missed out for claiming the GST credit.
- Check that the GST collected and GST paid accounts are reconciled with the previous quarter’s BAS filed.
- Ensure that the accounting data is locked after BAS statement has been filed.
- Check for the exception reports for the amounts which have been manually changed in the transactions.
- Reconcile the amount appearing in BAS for wages and salaries against the wages and salaries paid as per Salary expense ledger.
We at Rayvat Accounting specialize in BAS preparation support and Bookkeeping Services for Australian business. If you are facing issues with the form filling, you could work with an outsourcing firm to create accurate statements that would ensure that no penalties are formed. Contact Us Rayvat and get the best deals.