Tailored Accounts

At Tailored Accounts, we are experts in BAS lodgement. We are proud to note that we are one of the first BAS agents to be registered under the new law. BAS lodgement can be tricky, and if you are planning on lodging your BAS yourself here are some tips to get you started: Make sure you have programmed the cut-off dates into your calendar. They are normally 28th July, October, January, and April if you file quarterly, and the 28th of the next month if you file on a monthly basis. Keep your bookkeeping up to date at all times. Be sure you are entering all data consistently and completing your bank reconciliations. Be sure that you are using the latest version of your accounting software package (MYOB, Xero, Quickbooks, etc.). The BAS format changes annually and by keeping your software up to date you will keep the BAS format up to date. Make sure that you have a checklist of common errors that arise when entering data. Some that come to mind are: Non-GST items were claimed, you've doubled-up GST, you've made a GST prepayment (Sensis bills), you've had bills with stamp duty (insurances). Stay aware of changes in legislation so you are sure to stay compliant. Have a bookkeeper or accountant on your team who you can turn to if you have questions or need assistance dealing with the ATO. If you would like more comprehensive instruction we recommend that you visit www.books4biz.com.au to purchase a Small Bookkeeping System for the software package that you are using. If BAS lodgement is overwhelming you, contact us today to find out how we can help.