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Preparing your business activity statement

Here are some handy tips to consider when preparing your business activity statement (BAS).

Once you’ve registered your business for goods and services tax (GST), you’ll need to complete your business activity statement (BAS) monthly, quarterly or annually to meet your tax obligations.

Prepare your information

Make sure your numbers are spot-on to help you report your BAS correctly the first time.

  • Double check you’ve included all your transactions
  • Make sure they’re all business expenses
  • Ensure your sales and expenses are for the same dates as your BAS reporting period
  • If you’re using accounting software, make sure you’ve coded items correctly

Complete your BAS

Once you have your numbers ready, you can complete your BAS online or using a paper form. The Australian Tax Office (ATO) has detailed instructions to help you complete the GST section of your BAS.

Some things to remember are:

  • Enter whole dollars in the boxes
  • Leave boxes blank if they don’t apply to you
  • You’ll only be able to enter positive values in your BAS form

Lodge and pay on time

Submit and pay your completed BAS by the due date to avoid paying any interest or penalties. There are a number of ways to do both, so choose what suits you – for instance, you can submit your BAS online, by mail or through a registered tax or BAS agent. The ATO website provides more detail on each of these options.

Keep your records

Once you’re done with your BAS, you’ll need to keep a copy of it and the supporting documents for a number of years to meet the ATO’s record keeping requirements.

Get help

If you have any questions about your BAS, check out the ATO website or use one of the ATO contact services.

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Things you should know

  • This page is intended to provide general information only and does not take into account your individual objectives, financial situation or needs. The above information is not tax advice.

    Taxation laws are complex and subject to change. Commonwealth Bank does not provide tax (financial) advice under the Tax Agent Services Act 2009 (Cth). You should consider seeking independent tax advice from a registered tax agent, accountant or adviser before you make any decisions based on this information.

    This communication contains links that will bring you to a third party website, owned and operated by an independent party (“3rd Party Website”). Any link you make to or from the 3rd Party Website will be at your own risk. Any use of the 3rd Party Website will be subject to and any information you provide will be governed by the terms of the 3rd Party Website, including those relating to confidentiality, data privacy and security. CBA does not endorse or approve and makes no warranties, representations or undertakings relating to the content of the 3rd Party Website. CBA disclaims liability for any loss, damage and any other consequence resulting directly or indirectly from or relating to your access to the 3rd Party Website or any information that you may provide or any transaction conducted on or via the 3rd Party Website or the failure of any information, goods or services posted or offered at the 3rd Party Website or any error, omission or misrepresentation on the 3rd Party Website or any computer virus arising from or system failure associated with the 3rd Party Website.