The due date for the quarterly business activity statement has a habit of arriving sooner than expected. Small businesses are busy, so these are the habits that save the most time and avoid the most rework.
Before you lodge
- Enter each figure at the correct label, and complete only the fields that apply to your business.
- Use whole dollar amounts. Leave the cents out, and do not round up to the next dollar.
- If there is nothing to report for the period, lodge a nil statement online rather than skipping it — select "Prepare", then "Prepare as nil".
- Check the figures against your accounting file before lodging, not after.
Fixing an earlier mistake
If something was wrong on your last statement, you may be able to correct it on the current one rather than lodging a revision. GST on sales, GST on purchases and fuel tax credits each have labels available for that purpose. Your current statement can also be used to vary an instalment amount.
Timing and lodgment method
Every business gets the same lodgment window each quarter, so extra time is not available simply on request. Lodging online, or through a registered tax or BAS agent, can make additional time available for future quarters.
If you still receive paper statements, it is worth switching your ATO communication preferences to online. Paper can take up to three weeks to arrive, while online statements are generally available about a week after the generation date.
If you would rather not think about any of this each quarter, that is what a BAS agent is for. Talk to us about taking it off your desk.