Your annual activity statement is due soon
MB+M Business Services Update: Your annual activity statement is due soon.
If you are lodging your own annual GST return, you need to lodge and pay by the 28th of February. If we are lodging on your behalf, your due date will be the same as your tax return date. We will advise you of this in plenty of time. If your not-for-profit entity is not required to lodge a tax return, the due date will be the 28th of February.
Things to review before finalising your annual GST return:
- Have you allocated all bank transactions to the correct accounts?
- Have you verified that the bank balance listed in your accounting software matches the balance in your bank account?
- Do you have tax invoices and receipts for all business-related transactions?
- Have you checked the GST tax codes for all transactions?
- Have you checked tricky transactions like agency arrangements, insurance, government grants or overseas purchases for GST tax code accuracy?
- Have you got paperwork for asset purchases, grants or new finance arrangements?
- Have you checked your accounts payable (supplier bills) at 30 June are correct? Are there any credit notes outstanding that you can apply to bills?
- Have you checked your accounts receivable (sales invoices issued) at 30 June are accurate? Have all customer payments been applied correctly?
Checking the figures at each of the BAS reporting labels means your statement is more likely to be exact and less likely to need GST adjustments in future returns.
Talk to us if we can assist with preparing your activity statement or reviewing your business accounting systems and processes to make the preparation of this form easy, accurate and efficient.
If you have questions, then just talk with us. The Compliance team are experts in these areas. They can help you prepare your activity statements or review your business accounting systems to make it easy, accurate and efficient.
You can contact the MB+M Compliance team on 03 5821 9177.
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