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  • Tips to help you prepare and lodge your BAS

    Keeping good records helps you stay on top of your business.

    BAS record keeping tips

    • Keep records of all sales, fees, expenses, wages and other business costs
    • Only claim GST credits from suppliers who are registered for GST
    • Don't claim credits for purchases that don't include GST, such as bank fees or water bills
    • Only claim business expenses – don't claim GST on private expenses, such as food or entertainment
    • Claim the business portion of things you purchase that are also used for personal use
    • Set aside your GST in a separate account
    • Lodge on time to avoid penalties
    • Keep all your tax invoices and other GST records for five years

    Completing your BAS tips

    • Enter whole dollar amounts – leave cents out and don't round up to the next dollar
    • Enter each invoice once only
    • Your expenses and sales must fall within the period you are lodging for
    • Only complete the fields that apply to you – if the amount is zero, enter zero

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    Duration: 02m:11s.

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    Last modified: 11 Oct 2018QC 33690