Are you unsure on what information you need to provide to your accountant each BAS period? Do you find the thought of BAS preparation a daunting experience? There’s no need to fear. This blog is to help you get prepared for your BAS. This way you will get the best result out of your BAS.
- Bank Statements
- Providing your accountant or bookkeeper with your bank statements for each business bank account for the period will allow them to pick up the income and expenses that has gone through your accounts.
- Ensure you have the statements for the full BAS period.
- Note on the statement what each transaction is to get the best results.
2. Cash expenses
- Be sure to keep your receipts for all purchases. If you are using cash to pay for items, make sure you give these to your accountant – without a receipt your missing out on potential GST credit.
3. Extra information
- Not all business transactions appear on your bank statements. Purchasing a car or machinery on finance could offer you a large GST credit, although it doesn’t appear on bank statements. Without providing the documentation on such purchases the GST credit goes unclaimed.
Keeping all this together for the BAS period is as simple as putting it in a folder or plastic sleeve, all ready to be given to your accountant. And remember, any purchase you make to keep your paperwork together you can claim the expense as a tax deduction! If you need help with your BAS contact us today.
This blog is brought to you by our newest team member Nicole. She is very experienced with BAS reporting, and has a fondness for Xero. If you need any help with your Xero please don’t hesitate to give us a call.