How to prepare for your BAS: a step-by-step guide

A Business Activity Statement arrives on a schedule you already know. The problem is not the BAS itself, it is the scramble that happens when you have not been keeping your records in order throughout the quarter. The goal of this guide is to help you change that.

A calm BAS lodgement is not luck. It is the result of consistent record-keeping during the quarter and a clear process in the final two to four weeks before the deadline.

What your BAS covers

Your BAS reports your business activity to the ATO. It includes GST collected on sales, GST paid on purchases, PAYG withholding if you have employees, and PAYG instalments on your own income. Understanding what each section covers removes a lot of the anxiety around lodgement.

For most small businesses on a quarterly cycle, the BAS due dates are 28 October, 28 February, 28 April, and 28 July. Mark these in your calendar at the start of the financial year.

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Calm lodgement is the result of consistent record-keeping, not a last-minute scramble.

The four-week preparation window

Four weeks before the BAS due date, begin your reconciliation. Match every bank transaction to its corresponding invoice or receipt. Check your GST coding are sales correctly coded as GST-inclusive, and are input tax credits correctly claimed on eligible purchases?

In the final week, review your figures against last quarter for any obvious anomalies. If something looks wrong, investigate it now not the night before lodgement.