In order to keep your costs down, make the process more efficient and because annual financial statements are collated, we will not review the correctness of the underlying information. We will rely on and process the financial information provided to us without any review of the primary source documents. We ask you to provide accurate financial information that correctly states the GST position and that you maintain the necessary supporting documentation, including tax invoices, to satisfy the ATO.
We will also annually reconcile your BAS statements to your financial accounts. This means that when the financial accounts are prepared, some discrepancies may exist between the information disclosed in the quarterly BAS returns and in the annual financial statements. If this happens we will correct either the BAS returns and/or the financial accounts.