Business Activity Statement Checklist
What are the key areas that you should be checking before sending your file to have the BAS prepared?
⬜ All bank accounts reconciled and matched to the bank statement.
⬜ Bank Reconciliation reports reviewed and published at the end of the quarter
⬜ No outstanding receipts or payments that should have been received
⬜ Expense receipts filed and ideally attached to xero transactions via Hubdoc.
⬜ Receivables Reviewed: Are there any bad debts?
⬜ Payables Reviewed: Are these correct? (i.e. there should be nothing in here that has already been paid!)
⬜ Review Wages Payable account – this should be nil after each payroll cycle has been paid.
⬜ Confirm super payable matches quarterly super currently owed. Ensure this paid by the due date!
⬜ Send us any asset purchase invoices and new finance contract documents
Other things to consider
The end of each quarter is also a good time to make sure you are on top of some of the things that can slip our minds when we are busy such as:
- Ensure insurance cover is current and adequate
- Companies – review and understand director loan balance
- Review Profit and Loss Statements – income, expenses, trends and concerns
- Set aside funds to cover tax, GST, PAYGW and Superannuation
- Do we need to consider payroll tax? In QLD, this is when wages are greater than $25,000 per week
- Do we need to pay Qleave?
- Have we considered if we need to pay super for any contractors engaged this quarter?