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Keep your business on track and be better prepared for lodging your BAS each quarter with these 5 BAS tips:
1. Keep all your income & expenditure receipts for each quarter for compiling into your accounting program to calculate your GST.
2. Check and only claim GST for business purchases that include GST in the sale price and make sure that the supplier is registered for GST.
3. Complete your Business Activity Statement before the due date, be sure to use whole dollars, leave out the cents, better still enlist in engaging a qualified bookkeeper to lodge your BAS using the ATO online services, this will also ensure your BAS is completed correctly.
4. Use a separate bank account to put money away on a regular basis to pay for your BAS at the end of each quarter and manage your cash flow at the same time.
5. If you believe you may not be able to pay your BAS on time, contact the ATO immediately to make a payment arrangement or engage Perth Bookkeeping Services to liaise on your behalf. You will still need to lodge your BAS on time even if you are unable to make a payment in full.
How can we help you?
Enlisting a registered and qualified bookkeeper to help you keep your business tax obligations up to date and lodged on time is a necessity. Perth Bookkeeping Services can even help you with forward-planning with your Tax debts so you are always prepared.