Your end-of-quarter checklist: Getting BAS-Ready!

Well, here we are—end of another quarter already! That means it's time to get your books in order and prepare for your BAS lodgment. If you’re not already on top of it, don’t worry—you’ve got this. Your BAS is due by the 28th of the month after the end of the quarter (or later if you’re using a BAS Agent), and it's critical to ensure your records are tidy so you can file on time and avoid penalties.

Now, what does your bookkeeper need from you to make sure everything goes smoothly? Let’s break it down with a simple checklist and some helpful tips for getting you BAS-ready.

Step 1: Reconcile All Transactions

Before you can file your BAS, all your business transactions need to be reconciled. This means going through your accounts and making sure everything matches up—your sales, expenses, and purchases. If you're using software like Xero, this should be pretty straightforward.

Pro Tip: Make sure every transaction has been categorised correctly, especially when it comes to GST. If you're GST registered, it’s essential that each transaction is properly labeled for the right tax treatment.

Step 2: Bank Statements & Online Sales Reports

Next, you’ll need to gather your bank statements and online sales reports (yes, that includes those lovely PayPal and Stripe reports). These documents help your bookkeeper ensure everything in your accounting software is accurate and up to date.

• Why it matters: Your bookkeeper uses these to verify that the accounts in Xero (or your accounting software) match what’s in your bank accounts. It helps make sure no transactions were missed or duplicated.

  
  

Step 3: Tax Invoices (For Purchases Over $82.50)

Got any purchases or expenses over $82.50? Your bookkeeper will need the tax invoices for these purchases. Upload these and attach them to your Xero transactions.

• Why it matters: To claim the correct amount of GST credits, your bookkeeper will need to verify that these invoices meet the criteria for GST claiming. No invoice? No claim!

  
  

Step 4: New Business Assets?

Bought anything big for your business—maybe a new laptop, vehicle, or machinery? If the purchase was financed, your bookkeeper will need the finance contract, purchase invoice, and payment schedule.

• Why it matters: These documents help your bookkeeper account for the asset properly, record depreciation, and ensure that any loan repayments are reflected accurately in your financials.

  
  

Step 5: Fuel Tax Credits (If Applicable)

If your business is claiming Fuel Tax Credits, make sure to provide the total litres of fuel you’ve purchased during the quarter. It’s a small detail, but it could make a big difference in your claim.

• Why it matters: The government allows some businesses to claim back a portion of the fuel tax you pay, but you’ll need to provide the relevant details to ensure everything is calculated correctly.

  
  

Step 6: Secure Your Documents

Here’s a big one: Keep your documents secure! Resist the urge to just email over your entire folder of paperwork. Instead, upload your documents to a secure cloud storage system like Xero Files or OneDrive.

• Why it matters: Cybersecurity is no joke. Using secure platforms helps protect your business and your financial data from online threats, ensuring everything stays safe and organised.

  
  

Step 7: Superannuation Reminder

Don’t forget about your employee super contributions! Employee super needs to be received by the super funds by the 28th of the month following the end of the quarter—that’s the deadline. But here’s a little insider tip: Aim to submit by the 18th to allow for any processing time.

• Why it matters: Submitting your super late can incur penalties, so staying ahead of the deadline is key to keeping things compliant.

  
  

Wrapping It Up: Stay Organised and BAS-Ready!

There you have it—your end-of-quarter checklist for getting BAS-ready! By following these steps and making sure you’ve got all the right documentation in place, you’ll be well on your way to submitting your BAS on time and staying compliant with the ATO.

Final Tips:

• Stay organised: Keeping your financial records in order all quarter long makes the end-of-quarter scramble way easier.

• Don’t wait until the last minute: Give yourself some time to gather everything your bookkeeper needs to avoid any stress.

• Communicate with your bookkeeper: If you’re unsure about anything or need clarification, just ask!

  
  

With everything in place, you’ll be ready to submit your BAS and keep your business on track. And hey, once it’s done, you can kick back and enjoy a well-deserved break (maybe even at the beach).

Stay on top of your game, and here’s to a smooth end of the quarter!

Getting you BAS-Ready!