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Reminder: Your December quarter activity statement is due on 28th February 2023.
Before submitting, double-check the following:
- Are all bank transactions properly allocated to the correct accounts?
- Does the bank balance listed in your accounting software match the balance in your actual bank account?
- Do you have tax invoices and receipts for all business-related transactions?
- Have you checked the GST tax codes for all transactions?
- Have you double-checked tricky transactions such as intercompany arrangements, insurance, or overseas purchases for GST tax code accuracy?
- Do you have the paperwork for any asset purchases or new finance arrangements?
- Are there figures to include for PAYG instalments, fringe benefits tax, or fuel tax credits?
If you need to report PAYG withholding for employees, make sure to check your payroll categories and tax calculations are correct for the quarter (or last month for monthly IAS). Checking the figures at each of the BAS reporting labels will help ensure your statements are accurate and reduce the need for GST or PAYGW adjustments at the end of the financial year. It will also provide a more accurate view of your liabilities throughout the year, allowing you to plan accordingly.
Need help?
Call (03) 9059 8137 or book a free 30-min initial consultation with us. We can assist in preparing your activity statements or reviewing your business accounting systems to make the process easy, accurate, and efficient.
