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Your March quarter activity statement is due soon

With the new government stimulus incentives announced over the past month, it is important that you touch base with us prior to lodging your monthly or quarterly March activity statements. Some of these incentives are being based off of the activity statement figures lodged,so you may need to ensure that your information and figures are accurate to get the most assistance for your business.

Your March quarter activity statement is due soon. If you lodge using our registered agent electronic services, you will have until the 26th of May to lodge and pay.  If you are lodging your own quarterly activity statement the ATO have also given businesses an extension, and the lodgement and payment due date is now also 26th of May (previously the due date was 28th of April).  

Make sure you have checked off the following:

·        Is your business eligible for the government Cash Flow Boost payment and do you know how much you will receive and the timing of these ATO credits?

·        Does your business meet the eligibility requirements to receive the JobKeeper payments for your employees?

·        Do you employ Apprentices or Trainees and have you applied for the subsidy?

·        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 or overseas purchases for GST tax code accuracy?

·        Have you got paperwork for asset purchases or new finance arrangements?

·        Do you need to include figures for PAYG Tax installment or fuel tax credits?

·        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).

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 or PAYGW adjustments at the end of the financial year.Plus, you’ll have a more accurate picture of your liabilities throughout the year and be able to plan accordingly.

Need help?

Talk to us today. We can assist you with preparing your activity statements or review your position and provide advice regarding what government stimulus incentives are available to your business.  

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