It can be challenging to keep track of your money as a small business owner in Australia, especially when you have to complete your business activity statement (BAS).
.png){kind=logo}
It can be challenging to keep track of your money as a small business owner in Australia, especially when you have to complete your business activity statement (BAS).
It can be challenging to keep track of your money as a small business owner in Australia, especially when you have to complete your business activity statement (BAS). It's a very significant part of your business taxes, and doing it correctly and on time could help you avoid having to pay a lot of money in fines. BAS filing doesn't have to be hard, though, if you know how to do it. This guide will teach you all you need to know about filing your BAS, including how Ashmans Accounting can help you accomplish it.
The Australian Taxation Office (ATO) uses the Business Accounting Statement (BAS) to keep track of a company's tax obligations, like GST (Goods and Services Tax), PAYG (Pay As You Go) withholding, and other taxes. Some companies only have to file once a year, but most simply have to do it once every three months.
It's crucial to remember that submitting a BAS isn't just filling out a form; it also entails making sure that your company's financial information is proper and sent on time. If you don't do this, you may have to pay fines, interest, and extra stress. You need to file your BAS on time, keep good records, and plan ahead if you want to do so without any hassles.
Small business owners should know the following sections of BAS lodgement:
You have to notify the government how much GST you spent on purchases and how much GST you collected on sales if your business is registered for GST. The difference between these two figures is either what you owe the ATO or what the ATO owes you in a refund.
If you don't pay your employees' PAYG, you have to keep track of and pay the amount that was taken out of their paychecks. This technology takes care of your employees' income taxes.
This is how your business pays taxes on the money it makes. Small businesses have to make recurring payments based on how much they believe they will owe in taxes.
You may need to list fringe benefits on your BAS if you give them to your employees.
You could also have to report other taxes, including the luxury car tax or the wine equalisation tax, depending on how your business is set up.
Filing a BAS is a big element of making sure your business pays its taxes in Australia. It helps you keep track of your company's financial flow by showing you exactly what you owe. You won't have to pay late fees and interest if you keep up with your BAS chores. These can add up rapidly if you miss deadlines.
You can also keep a good relationship with the ATO and be seen as a responsible taxpayer if you file your BAS on time and accurately. Also, having a strong BAS can make it less likely that you'll be audited, which can be expensive and take a lot of time.
Follow these steps to file your BAS:
You need to have accurate and up-to-date records in order to file your BAS. Make sure you keep track of your income, expenses, and taxes in the right way. Using accounting software like Xero or MYOB can help with this because it helps you see your financial information in real time.
Businesses usually have to file their BAS every three months. But the ATO may require firms to submit every year, depending on how big or busy they are. Make sure you're on the appropriate schedule by checking your ATO messages.
You can start making your BAS after your financial records are in order. Depending on what your business accomplished during the reporting period, you will need to fill out different parts of the form. These portions are for sales, income, GST, and PAYG.
You can transmit your completed BAS to the ATO electronically through the ATO's Business Portal or through your registered tax or BAS agency. If you use Ashmans Accounting, we can take care of this step for you and make sure that all the information is correct and handed in on time.
You have to pay the ATO by the deadline if your BAS says you owe them money. If you can't pay the full amount right once, make sure you have the money or talk to the ATO about a payment plan.
Filing a BAS is something you have to do all the time. Put the deadlines for future lodgements on your calendar so you don't have to worry about them at the last minute. You can make sure that your firm stays in compliance all year by remaining organised and taking the lead.
We at Ashmans Accounting are experts in helping small business owners file their BAS. Our team of professional accountants and BAS agents can handle every part of your BAS lodgement. They can fill out and submit your forms, make payments, and make sure everything is in conformity with the ATO's standards.
We offer a range of services to support small businesses, such as:
When you engage with Ashmans Accounting, you can focus on building your business while we handle your taxes and BAS filings. You can relax knowing that your business is in excellent hands since our staff makes sure that your filings are correct, on time, and follow the requirements.
Even if they mean well, small business owners sometimes make mistakes when they fill out their BAS. You should avoid these typical errors:
You may be sure that these common blunders won't happen if you hire a skilled accountant.
We can handle the paperwork so you can focus on operating your business, which is what you're greatest at.
.jpeg)
.png)
.png)
.png)
