June Quarterly Activity Statements

If you lodge your own quarterly activity statement, then you’ll know the June quarter activity statement was due on the 28th of July, were you ready? If you lodge using a registered agent’s electronic service, you have until the 25th of August to lodge and pay.

If you need some support, here’s how you can be prepared and ready to go for your June Quarterly Statements:

• Allocate all bank transactions to the correct accounts.

• Verify that the bank balance listed in your accounting software matches the balance in your bank account.

• Ensure you have your tax invoices and receipts for all business-related transactions.

• Check the GST tax codes for all business transactions.

• Check the tricky transactions, like agency arrangements, insurance, or overseas purchases for GST tax code accuracy.

• Have your paperwork for asset purchases or new finance arrangements ready.

• Include figures for PAYG instalment, fringe benefits tax, or fuel tax credits where applicable.

• If you have to report PAYG withholding for employees, check that your payroll categories and tax calculations are correct for the quarter, (or last month for employers who lodge a monthly IAS).

Checking the figures at each of the BAS reporting labels means your statements are more likely to be accurate and less likely to need GST or PAYGW adjustments at the end of the financial year. This results in a more accurate picture of your liabilities throughout the year and allows you to be able to plan accordingly.

Talk to a Registered BAS Agent, if you are in overwhelm. They will be able to assist with preparing your activity statement or reviewing your business accounting systems and processes to make it easy, accurate and efficient.