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March Business Activity Statements

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Business Activity Statements (BAS) – Period Ended 31 March 2018

The current BAS quarter ends on 31 March 2018, so there is just on a week to finalise transactions for the quarter. For clients recording transactions on a cash basis, GST input credits on payments made on or before 31 March can be claimed in this quarter, but if paid on 1 April or after will fall into the next quarter – so a 91 day delay in the BAS claim when paid potentially just 1 day late.

Similarly, clients on an accruals basis who order/are invoiced for purchases before 31 March will have the same benefit. Similarly sales receipts banked (cash basis) on or before 31 March or sales recorded (accruals basis) on or before 31 March will fall into the current quarter, whereas transactions delayed to 1 April or later will fall into the June Quarter and GST obligations delayed by that 91 days again.

Every little bit helps with your cash flow!

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Graeme Stanyer, Upper Coomera

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