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:

  1. Ensure insurance cover is current and adequate
  2. Companies – review and understand director loan balance
  3. Review Profit and Loss Statements – income, expenses, trends and concerns
  4. Set aside funds to cover tax, GST, PAYGW and Superannuation
  5. Do we need to consider payroll tax? In QLD, this is when wages are greater than $25,000 per week
  6. Do we need to pay Qleave?
  7. Have we considered if we need to pay super for any contractors engaged this quarter?
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