July-August Bookkeeping Tasks

Important dates not to be missed.

BAS Reconciliation and Common Issues

All businesses registered for GST must lodge their Business Activity Statement (BAS) by 28 July 2019.eofy tips and reminders

If you have made quarterly BAS lodgements, this final lodgement should be easier and quicker to reconcile. However, make sure you take the following steps to avoid common pitfalls:

  1. Reconcile your GST and Payroll reports to the balance sheet
  2. Use the correct tax codes
  3. Reconcile the GST for the financial year in the accounting software against your lodgements.
  4. Reconcile the Payroll for the financial year in the accounting software against your lodgements.
  5. Check for any transactions created against the GST ledger directly. These transactions will not filter through into your activity statement information (Xero and MYOB users). Tax codes should always be used.
  6. Include dollars only, not cents
  7. Reconcile petty cash
  8. Include GST in the sale of business assets (e.g. vehicles and equipment)
  9. And finally, lodge on time.

 

Taxable Payments Annual Report (TPAR)

If your business is in the Building and Construction Industry, you are required to lodge a Taxable Payments Annual Report (TPAR) which reports your total payments to contractors. Contractors can be companies, trusts and partnerships as well as sole traders.

The TPAR is due 28 August 2019.

Did you know that a from 1 July 2018 businesses providing courier and cleaning services are now included, even if it is only part of the business? This addition to the legislation requires businesses that made payments to contractors for courier or cleaning services, provided on their behalf, to lodge a TPAR.

And from July 2020, the list of contracted services include in the TPAR will be be further expanded to include security, surveillance, freight and/or IT services.

 

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