Video transcript - How to complete your business activity statement
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Running a small business doesn't give you much spare time for account keeping, so it helps to get it right the first time.
Jane runs an online fashion boutique and outlet shop and after registering for goods and services tax (GST) she made sure she knew exactly how to complete and lodge her business activity statement (BAS).
Here are some tips on how you can do the same:
- when you complete your BAS, fill in the amounts as whole dollars. Cents are left out and should not be rounded up to the next dollar
- make sure you don't enter the same invoice twice
- check that your expenses and sales are for the correct tax period
- remember not to claim GST on private expenses, such as food or entertainment
- if you enter your total sales in G1, be sure to include your GST on sales in 1A
- if any boxes don't apply to you, leave them blank
- if the box applies to you and the amount is zero, only use a zero
- if you use our online services to lodge your BAS, you'll be prompted to correct these types of errors, and
- always remember to include a contact number and sign and date your activity statement before you send it or you can submit it quickly and securely online using your electronic signature.
Jane keeps on top of her BAS by completing it correctly and accurately.
By getting it right the first time, she can spend more time focusing on customers and growing her business.
If you'd like some more tips on how to complete your activity statement, visit www.ato.gov.au/gst
Or to find out more about the benefits of using online services, including if you qualify for an extra two weeks to lodge and pay, visit www.ato.gov.au/onlineservices
Transcript of the 'How to complete your business activity statement' short YouTube video.