Four ways to fast-track (and max) your BAS
Want to get your BAS done quickly and correctly, with the maximum refund you are entitled to? Here are four ways to do it that will also make your BAS agent’s life easier:
1/ Provide all relevant paperwork.
The best way to help yourself as well as your BAS agent is simply to provide all the necessary paperwork. BAS agents are required by law to ensure that anything we sign off is true and correct to the best of our ability, so checking that all your paperwork is in order is a vital part of what we do. It also ensures we don’t miss any claimable items.
Examples of paperwork we require include:
- Every receipt and invoice that relates to your business, including fuel costs
- Loan agreement documents covering the relevant period
- Bank and credit card statement for the end of each period so we can reconcile your accounts
Make sure you send all paperwork and other documentation before we start working on your accounts – this saves us time, and you money.
2/ Use a tool to manage your receipts.
There are a heap of fantastic tools available that make it easy to manage your receipts – without needing to keep and store them – while also making your BAS agent’s life easier. Three great ones we recommend are Hubdoc, Xero files and Receiptbank. You simply install the relevant apps on your phone, then take photos of your receipts as soon as you get them. This automatically comes into whichever app you are using, which we then have immediate access to, and we have a permanent copy on record. (Don’t worry – if you really love hanging onto paper receipts, we can still scan and upload them on your behalf.)
3/ Keep the right fuel receipt.
When you pay for fuel by credit card, you get two receipts – one is a credit card receipt (which we don’t need), along with a breakdown of what was actually purchased (this is the one we need, as it specifies the items and the GST that can be claimed).
4/ Separate your business and personal affairs.
By treating your business as separate to your personal affairs, you can save your BAS agent time wading through your personal transactions (which are not tax-deductible). Keep separate bank accounts for business and personal transactions, even if you’re a sole trader. If business owners want to buy something personal, pay yourself a wage or directors drawings into your personal account – don’t do it from your business account.
This extends to regular purchases that may be claimable. For example, many people buy extras when buying fuel – such as coffee and food – which are not claimable. You can make your BAS agents’ life much easier by making two separate transactions. Send us the claimable receipt, and bin the non-claimable receipt.
There you have it! Four ways to get your BAS done quickly and cost effectively.