What records do I need to prepare a BAS?

You need sales invoices, purchase bills, bank and credit card statements, payroll details, petty cash records, and any capital purchase documents to ensure all BAS figures are accurate.

How do I know if my GST coding is correct?

GST codes must match the nature of each transaction, like taxable, GST-free, or input-taxed. Using accounting software, checking ATO guidelines, or reviewing with a BAS agent helps prevent misclassification.

Can I lodge my BAS late if I missed the deadline?

Yes, but the ATO may apply penalties and interest. You can request a deferral or payment plan if you expect delays, though approval isn’t guaranteed.

Do I need an accountant to prepare my BAS?

Many businesses use registered BAS agents and outsourced accountants to avoid GST mistakes, ensure compliance, and reduce the workload during busy periods.

What happens if I make a mistake on my BAS?

You can correct most GST and PAYG withholding errors in your next BAS. Significant errors may require amendment. The ATO provides clear thresholds for adjustments.