Running a business can be thrilling, but let’s be honest—bookkeeping is probably not the part that gets your heart racing. Yet, understanding how to manage your Business Activity Statement (BAS) correctly is essential for staying compliant and growing your business without financial hiccups.
This guide will break down everything you need to know about BAS bookkeeping in plain language. We’ll also share real-life insights, step-by-step processes, and helpful links. And if you’re feeling overwhelmed, don’t worry—we’ll show you how Perfect Accounting PTY Ltd can handle it all for you.
What is BAS and Why Should You Care?
If you’re registered for GST (Goods and Services Tax) in Australia, you’re required by the Australian Taxation Office (ATO) to submit a Business Activity Statement (BAS) either monthly, quarterly, or annually. This form helps report and pay:
- GST
- PAYG (Pay As You Go) withholding
- PAYG instalments
- Other taxes (like wine equalisation or luxury car tax)
Messing up your BAS reporting can lead to fines, stress, and unnecessary debt. That’s where good bookkeeping comes into play.
Meet Tom – A Real-Life Example
Let’s say you’re like Tom, a small café owner in Melbourne. He’s passionate about coffee, friendly service, and creating a cozy space for locals. But when it came to BAS bookkeeping, he was overwhelmed by spreadsheets, receipts, and ATO deadlines.
After missing a couple of lodgement dates, he faced late fees and almost gave up. That’s when he reached out to Perfect Accounting PTY Ltd—and everything changed. They set up a clear system, explained things in plain English, and now Tom never worries about BAS again.
Step-by-Step: How to Do BAS Bookkeeping the Right Way
1. Register for GST
Before anything, make sure your business is registered for GST. You only need to do this if your turnover is $75,000 or more annually (or $150,000 for non-profits).
2. Choose the Right Accounting Method
There are two main methods for accounting GST:
- Cash basis – You report income and expenses when money is received or paid.
- Accrual basis – You report income and expenses when they’re invoiced, regardless of when cash changes hands.
Most small businesses prefer cash basis as it’s easier to track.
Learn more from the ATO’s guide on accounting for GST.
3. Keep Accurate Records
You’ll need to track:
- All sales and income
- All purchases and expenses
- GST collected and paid
Use a cloud-based tool like Xero, MYOB, or QuickBooks to make it easier. Or let Perfect Accounting set it up for you.
4. Reconcile Bank Transactions
Reconciliation ensures what’s in your books matches your bank account. Doing this monthly keeps things accurate—and makes BAS prep a breeze.
5. Calculate GST Owed or Refundable
Add up:
- GST on sales (collected from customers)
- GST on purchases (paid to suppliers)
Subtract purchase GST from sales GST to see if you owe the ATO or get a refund.
6. Lodge Your BAS
You can lodge your BAS:
- Through the ATO business portal
- With a registered BAS agent
- Or let a professional like Perfect Accounting PTY Ltd take care of it.
7. Pay On Time
The ATO has strict due dates, so set reminders or automate payments through your software or agent.
Common Mistakes to Avoid
- Mixing personal and business expenses
- Forgetting to claim GST credits
- Late lodgement and penalties
- Poor recordkeeping
These are all issues Perfect Accounting can fix or help you avoid from day one.
Why Choose Perfect Accounting PTY Ltd?
There are thousands of accountants out there—but not all are created equal.
Here’s why small businesses trust Perfect Accounting:
✅ Registered BAS & Tax Agents
✅ Friendly, local team based in Australia
✅ Tailored advice for your business size and type
✅ Help with GST registration, software setup, BAS lodgement, and compliance
✅ Affordable plans and no lock-in contracts
Ready to Make BAS Bookkeeping Easy?
You don’t need to juggle receipts and battle with the ATO alone.
Whether you’re just starting or growing fast, Perfect Accounting PTY Ltd can simplify everything—from BAS lodgement to payroll and bookkeeping services. Plus, they’ll speak your language (not accountant-ese).
Visit Perfect Accounting Now and book a free consultation.
Final Thoughts
BAS bookkeeping doesn’t have to be complicated. With a little guidance and the right support, you can stay on top of your taxes, keep your business in good standing, and focus on what you love doing most.
Like Tom, once you get expert help, you’ll wonder why you ever did it alone.
Related Resources
- ATO – Business Activity Statements
- What is GST and how it works
- Small Business Benchmarks – ATO
- Why Hire a BAS Agent – ATO
