Key Points You Should Know When Preparing BAS!

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.

Business Activity Statement – Streamlined Record Keeping!

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:

• You can produce the various Loss and Profit and Balance sheet reports effortlessly
• You can arrange the much needed pieces of information pertaining to your impeccable BAS lodgement.
• Most importantly, you can prepare the financial reports of your company in an effective manner.

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.

Read More:- Everything You Need To Know About Tax File Number

Factors To Consider When Preparing Your BAS Tax Return!

When preparing your Business Activity Statement, you must consider certain factors without a miss. These include the following:

• Whether or not you should include any PAYG instalment amounts, fuel tax credits or that of fringe benefits tax
• Make sure that you arrange all your paperwork tasks systematically to buy new financial arrangements or potential assets
• Ascertain the presence of any complex transactions including GST tax code impeccability, and offshore insurance or purchases etc.
• You must verify the GST tax codes pertaining to all your potential transactions
• Ensure that you have got potential tax receipts and invoices pertaining to each of the potential transactions of your business.
• Verify that the balance of your bank account is matching with the bank balance enlisted in an accounting software solution.

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.

The Due Dates of Your BAS Lodgement!

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!

• Quarter-1^st April to 30^th June!

The conventional due date is 28^th July and BAS agent’s due date is 25^th August

• Quarter-1^st January to 31^st March!

Do you need to prepare and lodge your BAS for this quarter? Then, you need to do so by 28^th April. However, if your BAS agent is doing it for you, then he or she needs to do so by 26^th May.

• Quarter-1^st October to 31^st December!

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 28^th 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 28^th February.

• Quarter-1^st July to 30^th September

The conventional due date for this quarter is 28^th October. When a tax agent lodges for you then the due date is 25^th November.

So, appoint a registered tax return accountant in Perth today and ensure the most gratifying preparation of your BAS!