BAS Coming Up? A Simple Checklist for Small Business Owners
If your BAS deadline is getting close and your books are not quite where they should be, take a breath. You are not the only business owner who feels this way.
BAS time can feel stressful, especially when receipts are missing, bank transactions are unreconciled, payroll has been tricky, or you are not 100% sure whether your GST has been recorded properly.
The good news is that you do not need to fix everything at once. A simple checklist can help you get organised, avoid last-minute panic, and feel more confident before your BAS is prepared and lodged.
Your Simple BAS Checklist
Step 1
Make sure your bank transactions are up to date
Start by checking that all your business bank accounts, credit cards, and loan accounts are connected and updated in your bookkeeping software.
If you use Xero, MYOB, or QuickBooks, make sure your bank feeds are working correctly and that recent transactions have come through.
You want to avoid preparing BAS from incomplete information.
Step 2
Reconcile your bank accounts
Bank reconciliation means matching the transactions in your accounting software to what actually happened in your bank account.
Before BAS is prepared, your accounts should be reconciled up to the end of the BAS period.
This helps make sure income, expenses, GST, and payments are recorded correctly.
Step 3
Check that sales have been recorded correctly
Review your sales for the BAS period and check that they have been entered properly. Look for things like:
- Missing invoices
- Duplicate invoices
- Incorrect GST codes
- Payments not matched to invoices
- Cash or EFTPOS sales not recorded correctly
Step 4
Review your expenses and receipts
Make sure business expenses are entered and coded correctly.
Check that you have receipts, invoices, or records for your purchases, especially for larger expenses.
Also check that personal expenses have not accidentally been included as business expenses.
If you are unsure whether something should include GST, it is better to ask than guess.
Step 5
Check GST coding
GST coding is one of the most common areas where small business owners get stuck.
Some items include GST, some do not, and some transactions need special treatment.
Before BAS is lodged, check that GST has been applied correctly to common areas such as:
- Sales invoices
- Supplier bills
- Motor vehicle expenses
- Bank fees
- Insurance
- Wages and super
- Loan payments
- ATO payments
Incorrect GST coding can lead to BAS mistakes, so this is one area where bookkeeping support can make a big difference.
Step 6
Review payroll, wages and PAYG withholding
If you have employees, payroll needs to be checked before BAS is prepared.
Make sure wages, PAYG withholding, superannuation, allowances, and reimbursements have been recorded properly.
Payroll mistakes can flow through to BAS, Single Touch Payroll, and super obligations, so it is important to get this right.
Step 7
Check ATO payments and refunds
If you made payments to the ATO during the BAS period, make sure they have been recorded correctly.
ATO payments are often coded incorrectly, especially when they include a mix of GST, PAYG withholding, income tax instalments, penalties, or interest.
If you received a refund from the ATO, check that this has also been allocated correctly.
Step 8
Look for unusual or uncoded transactions
Most accounting software will show unreconciled, uncoded, or suspicious transactions.
Before BAS time, check for anything sitting in suspense, uncoded accounts, or ask-my-accountant categories.
These transactions can affect the accuracy of your BAS, so they should be reviewed before lodgement.
Step 9
Run basic reports
Before lodging your BAS, it is helpful to review a few simple reports. These may include:
- Profit and loss report
- Balance sheet
- GST report
- Aged receivables
- Aged payables
- Payroll reports
You do not need to overcomplicate it. The goal is to check whether the numbers make sense.
If something looks unusually high, low, or different from the previous period, it may need reviewing.
Step 10
Ask for help before the deadline
The worst time to ask for help is after the deadline has already passed.
If your books are behind, your software feels messy, or you are unsure whether your BAS figures are correct, it is much better to get support early.
A registered BAS Agent can help review your bookkeeping, check your BAS figures, and guide you through what needs to be fixed.