If we use the appropriate integrated financial software system (MYOB) to reconcile the activity statement explain each step which each entity follows to reconcile and complete BAS:

• Prepare and reconcile the activity statement reports, identifying and correcting statement errors, and amending bookkeeping entries as required
• Review any extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports. Document the review of these extraordinary transactions.
• Where necessary according to legislative guidelines, make adjustments for previous quarters, months or year-end. Record these adjustments, including the reasoning.
• Complete the BAS and IAS return according to the current statutory, legislative, regulatory and organizational schedule
• Reconcile the figures completed on the BAS and IAS form with the journal entries, financial statements, GST and other control accounts. Document this reconciliation.

For each of the legal entities:

Check the activity statement, and present it to the authorizing person, required by statutory, legislative and regulatory requirements, for verification, approval and sign-off. Provide evidence of the sign-off received.