If you've engaged with Standard Ledger to prepare your quarterly Business Activity Statements (BAS') and / or monthly Instalment Activity Statements (IAS'), then in advance of the ATO due dates, we will:
- Check if all your transactions for the quarter have been reconciled so that we can prepare the BAS on you behalf
- Note: We will send you 3 reminders in the month leading up to the due date, including a final reminder on the due date. We remind you that it is your responsibility to (enable us to) lodge your BAS return by the due date (including providing us sufficient information to prepare this on your behalf).
- Review the coding of GST on transactions for the quarter
- not that if you're a "DIY" client that we're also doing the BAS for, you have the responsibility for entering /reconciling transactions including the allocation of whether there is GST on transactions. While we do our best in reviewing transactions, as we're not involved in your business regulalry we may not always be close enough to things to precisely pick up the correct GST allocation on all transactions.
- In Xero we will then either:
- raise a Bill (with the ATO supplier) for net payments owing; or
- raise a "sales" invoice (with the ATO "customer") for net refunds owing.
- these will include line details for for the amount of GST (payable or refund) and/or employee PAYG payable and/or any relevant PAYG income tax instalments payment, as well as any rounding to reflect the whole dollar amount payable to the ATO
- we will also attach a copy of the details IAS/BAS report for future reference
- to prevent any accidental / retrospective changes in prior period that may affect any submitted BAS' we will also "lock the period" as at the end of the previous relevant quarter.
- we will send you a request to electronically sign / approve us to lodge on your behalf - this is also your "trigger" / reminder to pay any amounts owing.
Note: It is your responsibility to monitor and pay the ATO any amounts that may be owing. You may regard the electronic signature request as a reminder to pay. To pay any amounts payable please refer to the ATO payment options (incl EFT Codes, BPAY) which are shown via your tax portal when we ask you to electronically sign your BAS to approve final lodgement (you may wish to read our eSigning FAQ for more information).
- How does GST work? [Standard Ledger article]
- How does PAYG withholding work? [Standard Ledger article]
- PAYG income tax instalments [Standard Ledger article]
- electronically signing your tax / BAS returns [Standard Ledger article]