One of the most crucial steps in preparing for your BAS is maintaining proper records. This ensures your GST information is accurate and your lodgement is simple. Remember to:

• Keep records of all sales, fees, expenses, wages, and other business costs.
• Retain appropriate records like stocktake records and logbooks for motor vehicle claims.
• Reconcile sales with bank statements regularly.
• Use the correct GST accounting method for your business.
• Store all your tax invoices and other GST records for at least five years.

When claiming GST credits, only claim the business portion of purchases. Avoid claiming GST on private expenses such as food or entertainment. If you make a mixed-use purchase, like a car for business and personal use, ensure you only claim the business portion.

• Always use the discounted price when claiming GST credits for discounted purchases.
• If you account for GST on a cash basis, claim GST credits upfront for purchases under hire purchase agreements (from 1 July 2012).
• For invoices in foreign currency, claim GST credits based on the Australian dollar value.

You must avoid claiming GST credits for the following:

• Purchases that don't include GST in the price, like bank fees or stamp duty.
• GST-free items, such as basic foods.
• Imported goods unless you’re the importer for your business.
• Purchases made within a GST group, though you can claim GST credits on purchases between GST branches.

Ensure that all invoices you issue for sales include the correct GST. Additionally, only claim GST credits if you have tax invoices for purchases over $82.50 (including GST).

• Double-check that invoices are counted only once to avoid errors.

To avoid costly errors in your BAS:

• Make sure you're using the correct formulas when calculating GST.
• Keep a separate column for GST in your cash book to help you track everything.
• Verify that column totals and row totals in your cashbook match.
• Ensure all transactions are correctly classified in your accounts payable and receivable systems.
• Use an electronic record-keeping system designed for your business. Many tools can streamline administrative tasks and save you time.

When filling out your BAS:

• Enter whole dollar amounts—leave out cents and don’t round up.
• Only complete the relevant fields—enter zero where applicable.
• If you account for GST on a cash basis, ensure that your expenses and sales align with the period you made or received payment.
• Double-check your figures and calculations before lodging your BAS.
• If you realise a mistake, you can always correct it in a later BAS.

Lodging and paying your BAS on time is essential to avoid penalties. The due date will be displayed on your BAS.

• If your due date falls on a weekend or public holiday, you can lodge and pay on the next working day.
• Ensure you use the correct payment reference number (PRN) when making payments.
• If you think you might not meet the deadline, contact the Australian Taxation Office (ATO) immediately to avoid penalties.

To avoid delays in refunds:

• Ensure all your previous BAS lodgements are up to date, as refunds cannot be processed until all outstanding BAS are lodged.
• Double-check that your financial institution details are correct.

If you make a mistake on your BAS, don't worry—most mistakes can be corrected on the next activity statement.

• If an adjustment event occurs, such as a change in the price of a sale or purchase, make an adjustment on your activity statement.
• Use the accounts method to report increasing adjustments at Label 1A (GST on sales) and decreasing adjustments at Label 1B (GST on purchases).

Remember, there’s a four-year time limit for claiming credits and refunds.

If you lodge online, your BAS will usually be available one week after the generation date. If lodged by post, it may take up to three weeks to receive your BAS.

• Online: Check your BAS under 'Not lodged' or 'History.'
• Paper: You won’t benefit from the extra two weeks to lodge and pay, so contact the ATO if you need a new form.