It’s that time of the year again - time to lodge your BAS!
As a business owner in Australia who collects and pays Goods and Services Tax (GST), Pay As You Go (PAYG) instalments, one of your regular responsibilities is lodging the Business Activity Statement (BAS) with the Australian Taxation Office (ATO). As we have mentioned in our earlier blog your BAS is a report that summarises your business's financial transactions and lodging your BAS accurately and on time is essential to comply with your tax obligations and avoid potential penalties.
If you’re new to lodging your BAS or simply need a few tips from a qualified accountant and bookkeeper we’re here to help! Here are our simple tips to making lodging your BAS easier:
Keep Accurate Records: The key to a successful BAS lodgment is maintaining accurate financial records. Make sure to keep track of your business transactions (sales, expenses, and other financial activities).
Understand Your BAS Obligations: Familiarize yourself with the different components of the BAS and your corresponding obligations. The BAS includes sections for GST, PAYG, wine equalization tax (WET), and more. Understand the requirements for each section and ensure you are charging and collecting the correct amount of GST on your sales and making the right PAYG installments based on your business's projected income.
Seek Professional Help: Lodging a BAS can be complex, especially for small business owners who may not have a background in accounting or tax. Consider engaging a qualified accountant or bookkeeper (like us!) to assist you. By seeking our help we can provide expert advice on tax compliance, help you identify potential deductions or credits, and ensure your BAS is lodged accurately and on time.
*A friendly reminder* You might think that because there’s been no activity in the last period you don’t have to lodge your BAS! But you do! You are still required to lodge a "nil" BAS to report that there was no activity, failing to lodge a nil BAS can result in penalties.
Don’t let lodging your BAS be a daunting process! By following our simple tips or seeking help from professionals like LK Accounting Services you can ensure a smooth and compliant BAS lodgment process. By meeting your BAS obligations, you can avoid potential penalties and stay on top of your tax responsibilities.
Need help with your BAS lodgement? We’re here to help! Contact Lee-Anne today at lee-anne@lkaccounting.com.au or you can contact us via our contact form here.