There are three main steps to completing your BAS:
1. Prepare your information
Reconcile your accounts to ensure that all your information is accurate and up-to-date. This involves collating your business transactions such as receipts, invoices and ensuring they match your accounting information and there are no discrepancies.
2. Calculate your totals and enter figures
Now that your information is accurate it’s time to calculate your totals. You can do this via a report in your accounting software or adding up all your numbers if you use a manual method (see GST calculation worksheet). Once you have your totals, transfer them to your BAS form.
3. Lodge and update
There are three main ways to lodge your BAS:
Mail a hard copy of your BAS form to the ATO. Lodge BAS statement online through the ATO’s Business Portal. You can also engage a BAS or Tax agent lodge for you.
Whichever option you choose make sure you save a copy of your BAS statement and update your accounting information with your figures.