Business Activity Statements are one of the crucial factors of tax compliance for every business in Australia. BAS returns can help companies report their Pay-As-You-Go (PAYG) instalments, Goods and Services Tax, and other taxes. Late GST payment or BAS lodgment can lead to fines or penalties from the Australian Taxation Office (ATO). The due date for your October-December business activity statement is approaching faster.

Ways to Keep Up with Your BAS

We understand that every business owner is busy establishing their business, so we want to help you stay on top of your BAS. Here are some tips for every business owner before they lodge BAS:

• It is essential to enter the figures for your obligations at the right label, and only fill fields that you are liable to fill out.
• Fill entire dollar amounts, leave cents out and avoid rounding up to the next dollar.
• If you have nothing to report for a specific time period, you are allowed to lodge a ‘nil’ BAS online. You can also reach out to the best accounting firm for their BAS services. Tax or BAS agents can help you with the BAS lodgment process.
• If there was a mistake on your last BAS, instead of filing a revision, you can use the existing BAS to fix it. For instance, you can use label 1A to fix GST on sales, label 1B to adjust GST on purchases, or label 7C if you have claimed fuel tax credits for fuel that has been lost, sold, or disposed of.
• You are also allowed to use your BAS to vary an instalment amount.
• If you still receive paper BAS, you should update your ATO communication preferences from paper to online. Online statements are usually available one week after the generation date, but it could take up to 3 weeks to receive your BAS by post. You will also get other consequences from the ATO, receive less paper and save the time it usually takes to lodge these documents.
• You cannot get additional time to file this quarter as everyone gets 8 weeks to file. However, if you file your next quarterly BAS online, or through a registered tax or BAS agent, you may get an additional 2 or 4 weeks to file and pay. When searching online for a ‘registered tax accountant near me’ for BAS lodgment, ensure to provide them with accurate information.

How Do You Stay Compliant with BAS Reporting?

To keep up with the BAS reporting, be sure to follow the steps given below:

• If you collect your financial records early, then it will save you time from last-minute scrambling.
• It’s essential to double-check numbers to reduce mistakes that could cost you later. With accounting and bookkeeping for small businesses, your accountant or bookkeeper can double-check calculations on your behalf.
• Whether you are reporting monthly, quarterly, or annually, it is important to know your deadlines to avoid late fees or penalties. In addition to this, you can also check the ATO’s payment plan options if lump-sum payments strain your budget.

Should You Seek Help from a Tax or BAS Agent?

Consulting a BAS or tax agent for BAS reporting or lodgment can offer several benefits, such as:

• BAS or tax agents are experts and stay updated with the tax laws and can help you navigate complex tax laws and regulations.
• The experience of BAS agents and small business accountants in Melbourne ensures that your BAS is completed accurately, minimising the risk of penalties and errors.
• An expert can manage BAS reporting much better than you might be able to, freeing you up to concentrate on other factors of your business.
• During an ATO audit, having a BAS agent or tax accountant on your side will make the whole process smoother and less stressful.
• They can give you tips on managing your tax obligations in a way that is easy for the cash flow of your business.

Conclusion

Keeping up with the BAS reporting is crucial for every business. Involving experienced BAS agents or Reliable Melbourne Accountants for BAS reporting would be the best option for your business.