Your PAYG Withholding & BAS Statements are due on 21st March
This reminder comes from the MB+M Compliance team to provide you with a “heads-up” that Your PAYG Withholding & BAS Statements are due on 21st March. They outline what you will need to review before finalising each of these statements. If you have questions, or need some assistance, then you can contact the Compliance team on 03 5821 9177.
Things to review before finalising the PAYG withholding statement (IAS).
- Have you allocated all payroll-related bank transactions to the correct accounts?
- Have you checked your payroll detail reports for accuracy?
- Have you classified the different payroll items such as allowances, bonuses or director fees correctly?
- Have you included relevant payroll items or categories at W1 reporting field?
- Do you need to include amounts such as no ABN withholding?
- Have you had to prepare any special pay runs such as termination payments that require manual tax calculation?
- Are these correctly entered into Xero, or your other accounting software
Checking the accuracy of the IAS figures each month ensures your statements are more likely to be accurate and less likely to need adjustments at the end of the financial year. This means that issuing annual payment summaries to employees and preparing your ATO payment summary annual report will be straightforward and prompt.
We can assist with preparing your monthly IAS or review your business accounting systems to make sure you are correctly categorising and reporting all pay items.
Things to review before finalising the Monthly Activity Statement (BAS).
Use the following checklist to make sure you are ready for lodgement day:
- Are all bank transactions allocated 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?
- Are all GST tax codes checked for all transactions?
- Have you checked tricky transactions like agency arrangements, insurance or overseas purchases for GST tax code accuracy?
- Have you got paperwork for asset purchases or new finance arrangements?
- If you have to report PAYG withholding for employees, you also need to check that your payroll categories and tax calculations are correct for the quarter, (or last month for employers who lodge a monthly IAS).
- You need to ensure most of the above have been correctly entered into Xero, or other accounting software you use.
Checking the figures at each of the BAS reporting labels means your statements are more likely to be accurate and less likely to need GST adjustments at the end of the financial year. This results in you having a more accurate picture of your liabilities throughout the year and being able to plan accordingly.
If you have questions, then just talk with us. The Compliance team are experts in these areas. They can help you with processes to make ongoing activity more efficient and review the setups in your accounting system to make sure correct categorisation and reporting of all pay items.
You can contact the MB+M Compliance team on 03 5821 9177.
Visit Our Insights Page For More Helpful Articles