It’s BAS time – on the 28th of February quarterly reporting on your business GST is due. If you’re feeling overwhelmed, you’re not alone. BAS time can be very stressful for many business owners, but it doesn’t have to be.
In this article, we’ll cover tips for making your BAS less stressful. But first, a quick overview.
A BAS – Business Activity Statement – is a document that businesses must regularly submit to the Australian Tax Office (ATO) if they are registered to pay GST – Goods and Services Tax.
It is basically a way of summarising all the tax you have paid or are going to pay to the ATO, including your GST, PAYG instalments and PAYG withholding tax. Most businesses are required to lodge their BAS quarterly by the due dates of: February 28, April 28, July 28 and October 28. However, businesses who turnover $20 million or more are required to lodge monthly.
If your business has a GST turnover more than $75,000, you must register for GST. Once you have registered, the ATO will automatically send you a BAS at the required time. Once your BAS has been processed by the ATO, you will either owe them money or will be paid a refund.
Reporting is a necessary part of running a business, so it pays to be organised. Regularity is key: you don’t want things piling up and overwhelming you at BAS time. Create good habits around recording your sales and purchases and keep thorough records of all tax invoices. To make sure you can pay your GST when it’s due, put aside any GST you collect.
Good habits aren’t always easy to make, and can cause more of a headache than they need to. We all need a bit of help sometimes: accounting software and professional assistance can help you tackle BAS with confidence and peace of mind.
Decent accounting software will save you time and streamline your record-keeping processes. Those good habits we were talking about before – they’re so much easier to get right when you have software that makes things simpler. Good software will be able to integrate with your business accounts and automate many tasks for you.
Often the best way to reduce stress is by delegating tasks to the right people. At Lawrence Group, we can help take the stress out of BAS for many businesses. With us you’ll never miss a deadline, you’ll meet all your obligations and you’ll have access to expert advice and support when you need it.
Whether you have to report monthly or quarterly, it has to be done, so why not leave it to the professionals and free up time to focus on what’s meaningful to you? Get in touch with us today to see how we can help you.