It’s the end of the financial year soon and employers/bookkeepers will be required to issue the group certificates by 14th July 2012, it is a good practice to reconcile the payroll account before issuing any group certificates. Also before the BAS for quarter ending June 2012 is lodged, it would be good if the GST reconciliation is done for the entire year so that if there are any variances in what is on the company ledger and what has been lodged with the ATO, adjustments for it can be made in the June lodgement. The reason there can be any payroll/GST variances is due to the fact that people can sometimes make changes in the periods for which the BAS has been lodged in the company file, so it’s always a good practice to reconcile these 2 items for the financial year before the last lodgements.
I have added the GST/PAYG reconciliation worksheet in our Ebook download section, where it can be downloaded for use. The worksheet is not protected so it can be amended according to the requirements (monthly or quarterly BAS). Although I have tested the work-sheet very thoroughly before making it available for download, HS Bookkeeping Service does not hold any responsibility for errors.
Below is example of what it looks like:
If you have any further issues/queries in relation to year end BAS Reconciliation, we are here to help, contact HS Bookkeeping Service on 1300 664 796.