With BAS deadlines approaching, it’s a perfect time to ensure your business is prepared to meet reporting requirements. If your business is registered for GST, you’ll need to lodge a Business Activity Statement (BAS) monthly or quarterly, and in some cases annually, depending on your turnover and circumstances.
When you register for an Australian Business Number (ABN) and GST, the ATO will automatically issue a BAS when it’s time to lodge. This helps you track and report GST, PAYG installments, PAYG withholding tax, and other credits and taxes.
You can lodge your BAS online via ATO Online Services or directly from compatible business or accounting software. Lodging online may qualify you for extra time, and payments are usually due on the same day as lodgment. If you prefer, your registered tax agent or BAS agent can manage lodgment and payments on your behalf, often providing additional time for compliance.
Here are a few ways to make your BAS process smoother:
• Maintain accurate records of sales, expenses, wages, and other business costs.
• Keep supporting documents, such as stocktake records and vehicle logbooks, to substantiate claims.
• Regularly reconcile sales with bank statements.
• Ensure you’re using the correct GST accounting method.
• Retain tax invoices and GST records for at least five years.
Remember, a BAS must be lodged by its due date even if your business has no transactions to report for that period. In such cases, you can submit a “nil” BAS online or through the ATO’s automated reporting service.
Stay on top of your BAS to keep your business running smoothly and avoid last-minute stress!