{"id":5040,"date":"2025-11-25T14:05:55","date_gmt":"2025-11-25T14:05:55","guid":{"rendered":"https:\/\/www.whizconsulting.net\/au\/?p=5040"},"modified":"2026-04-04T11:37:31","modified_gmt":"2026-04-04T11:37:31","slug":"bas-preparation-for-australian-business","status":"publish","type":"post","link":"https:\/\/www.whizconsulting.net\/au\/blog\/bas-preparation-for-australian-business\/","title":{"rendered":"How to Prepare BAS: A Simple Guide for Australian Businesses"},"content":{"rendered":"

BAS time often becomes stressful for Australian businesses because small gaps in record-keeping or unclear GST treatment can throw the whole statement off. The pressure builds quickly when transactions pile up, and the filing deadline approaches, making the task feel bigger than it is. A steady process and the right checks can make BAS preparation far more manageable and reduce the usual rush.<\/p>\n

In this blog, we will explain the process of preparing BAS and the important checklist to keep in mind.
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BAS Done Right, Every Time<\/h3>\r\n

Clean calculations, clear figures, no last-minute rush.<\/p>\r\n\t\t<\/div>\r\n

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How to Prepare BAS Statements Correctly?<\/h2>\n

Australian businesses prepare their BAS by first gathering and reconciling financial records, classifying transactions, and calculating the relevant tax components. Once the numbers are accurate, they generate and review their BAS reports, lodge the statement, and make the required payment. For a better understanding of BAS<\/strong><\/a> preparation, see the steps below:<\/p>\n

1. Gather and Reconcile Financial Records<\/h3>\n
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  • Confirm BAS Lodgment Period (monthly, quarterly or annually). Businesses with over $20m turnover lodge monthly, under $20m voluntarily lodge quarterly, and registered small operators may lodge annually).<\/li>\n
  • Collect sales records and all issued tax invoices<\/li>\n
  • Gather purchase bills and supplier tax invoices<\/li>\n
  • Download bank, credit card, and loan statements for the BAS period<\/li>\n
  • Compile payroll details, including gross wages and PAYG withholdings<\/li>\n
  • Record petty cash activity and other cash transactions<\/li>\n
  • List any capital asset purchases such as equipment or vehicles<\/li>\n
  • Reconcile all bank and credit card accounts to ensure every transaction is accurately recorded<\/li>\n<\/ul>\n

    2. Classify Transactions and Calculate Tax Components<\/h3>\n
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    • Apply correct GST codes to each transaction (GST Free, BAS Excluded, GST on income)<\/li>\n
    • Calculate GST on sales (G1), which is the GST collected from customers<\/li>\n
    • Calculate GST credits (G10 and G11) on eligible business purchases<\/li>\n
    • Verify the PAYG figures, including W1 (total wages paid) and W2 (tax withheld), to ensure they are accurate<\/li>\n
    • Review your PAYG instalments that appear pre-filled by the ATO<\/li>\n
    • Include any additional applicable taxes, such as fuel tax credits, Luxury Car Tax, or Wine Equalisation Tax (WET)<\/li>\n<\/ul>\n

      3. Generate, Review, and Validate BAS Figures<\/h3>\n
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      • Run the Activity Statement Report in your accounting software, or total the figures manually if preparing without software<\/li>\n
      • Recheck all figures for accuracy or unusual variances compared to previous periods<\/li>\n
      • As part of validating the data, make sure the final figures align with prior periods where applicable and round them to whole dollars before lodging<\/li>\n<\/ul>\n

        4. Lodge the BAS<\/h3>\n
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        • Lodge BAS through the ATO Business Portal or provide it to your registered BAS expert or tax agent<\/li>\n
        • Submit your BAS by the due date, even if it is a nil return<\/li>\n
        • Keep the lodged BAS and supporting documents for at least five years<\/li>\n<\/ul>\n

          5. Make Payment or Receive Refund<\/h3>\n

          If you owe BAS, pay it by these ATO deadlines:<\/p>\n

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          • Monthly BAS: 21st of the following month<\/li>\n
          • Quarterly BAS:<\/li>\n<\/ul>\n

            Q1 (Jul\u2013Sep): 28 Oct
            \nQ2 (Oct\u2013Dec): 28 Feb
            \nQ3 (Jan\u2013Mar): 28 Apr
            \nQ4 (Apr\u2013Jun): 28 Jul<\/p>\n

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            • Annual BAS: 31 October (or the date of your tax return if lodged through an agent).<\/li>\n<\/ul>\n

              If you are due for a refund, the ATO will deposit the amount into your nominated bank account.<\/p>\n \r\n

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              Hire a Dedicated Virtual Accountant Who:<\/h3> \r\n\t
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              Manages BAS prep completely<\/div><\/div>