Every business that is registered for goods and services tax (GST) must lodge a Business Activity Statement (BAS).
When you complete a BAS you are reporting on the goods and service tax amount that your business has collected on any sales that have been made. This is minus any tax that you have paid on your purchases. The difference from the tax collected from sales and the tax you have payed or refunded by the Australian Taxation Office.
How to prepare your information
Before getting started, it is important to ensure that your numbers are correct. All transactions included must be business expenses and all expenses must be for the same dates as the BAS period that you are reporting for.
Don’t miss the deadline!
The Australian Taxation Office (ATO) will inform you when your BAS is due.
The quarterly deadlines are as follows:
July, August and September
October, November and December
January, February and March
April, May and June
Ensure you submit and pay your completed BAS by the due dates to avoid incurring any interest or penalties.
Keep your records
Once you have completed your BAS, you are required to keep a copy all supporting documents. This is to ensure that you meet the ATO’s record keeping requirements.
At Power2 Accounting we make BAS time quick and painless for you and your business. Click here to make an appointment today.
Financial Planning services provided as Authorised Representatives of Power 2 Financial Services Pty Ltd ABN 51 164 747 595 Australian Financial Services Licence No. 444078
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