Factors to Consider When Preparing Your BAS Tax Return!
When preparing your Business Activity Statement, you must consider certain factors without a miss.
These include the following:
- Whether or not you should include any PAYG installment amounts, fuel tax credits or that of fringe benefits tax.
- Make sure that you arrange all your paperwork tasks systematically to buy new financial arrangements or potential assets.
- Ascertain the presence of any complex transactions including GST tax code impeccability, and offshore insurance or purchases, etc.
- You must verify the GST tax codes pertaining to all your potential transactions.
- Ensure that you have got potential tax receipts and invoices pertaining to each of the potential transactions of your business.
- Verify that the balance of your bank account is matching with the bank balance enlisted in an accounting software solution.