Is your small business in Australia registered with GST? If so, then, you need to lodge your BAS tax return without failure! A lot of small businesses still find lodging their BAS tax return quite tricky. However, the Australian Taxation Office is leaving no stone unturned to make the procedure as hassle-free as possible. So, as a small business owner in Australia, the last which you want is to see is your potential BAS due, right? Keeping this factor in mind, here are some key points you must know while preparing your Business Activity Statement.
Gone are the days when companies had to rely solely upon excel spreadsheets to manage the record keeping of their organizations. So, it’s high time that you learn about the different high-end online, Xero and cloud-based software solutions. Using any of these software systems will help you to serve the following purposes effectively:
Before you purchase the pertinent software system, you must become aware of its utility. You can also seek the advices of a pro to prepare and lodge your potential Business Activity Statements (BASs) faultlessly.
When preparing your Business Activity Statement, you must consider certain factors without a miss. These include the following:
Last but not the least you must judiciously allocate all your banking transactions across the right bank accounts. Alternatively, you can hire a registered Tax Accountant in Perth to perform the aforesaid tasks flawlessly.
Do you report your BAS on a quarterly basis? Then, consider the following dates which apply both to you and your BAS agent in Perth!
The conventional due date is 28th July and BAS agent’s due date is 25th August
Do you need to prepare and lodge your BAS for this quarter? Then, you need to do so by 28th April. However, if your BAS agent is doing it for you, then he or she needs to do so by 26th May.
Do you need to prepare and lodge your BAS for this particular quarter with the Australian Taxation Office? Then, make sure you complete the task by 28th February of the following year as it is the due date. Again, it might happen that a registered BAS agent Perth is doing the same for you. In that case, the due date will also be 28th February.
The conventional due date for this quarter is 28th October. When a tax agent lodges for you then the due date is 25th November.
So, appoint a registered tax return accountant in Perth today and ensure the most gratifying preparation of your BAS!