Whether one is a current or aspiring business owner, tax-related questions could cause many to have sleepless nights. The Business Activity Statement (BAS) is sometimes at the centre of concerns. As a small business owner, one is in good company. There were over 2.3 million small businesses registered in Australia in June 2018.
If this is the first entrepreneurial venture of a small business, many things must be learned. One can learn things from paperwork to acronyms. There are more things in a business than just generating income to pay bills and save money for the next vacation.
Business Activity Statement is a record that can be completed by lodging a tax return and sending it to the ATO. But one requires to lodge a BAS when they have registered for the GST tax. One can register for GST if their business expects a gross income of $75,000 or more (excluding 10% GST).
Being one’s boss is one of the advantages of running a small business. One can also take advantage of additional tax credits and deductions to support a small business owner. Some examples are reduced educational costs, home repairs and travel expenses.
There is only a small requirement of a small business owner, i.e. they need to have proper records showing expenses related to business operation. BAS agents in Perth can help keep track of all costs, transactions, generated incomes and produce financial statements.
The ATO helps make the process of lodging BAS relatively easier, but one still needs to do more work. But one can also lodge a BAS online in a few steps. One can either submit the statement using online accounting software from the ATO’s online business portal or having a registered BAS agent. The agent can also help the owner in gaining maximum BAS return.
Some of the basic steps to prepare and lodge a BAS return with the ATO are:
Read More:- Key Points You Should Know When Preparing BAS!
One needs to lodge and pay taxes timely. The date and procedure of paying the tax are displayed in the business activity statement. If the due date to pay tax falls on weekends or public holidays, one must wait until the next business day to lodge and pay. Using the ATO application, one needs to set calendar reminders for lodgement key dates. A tax agent can help a business owner get maximum tax returns in Perth.
Tax Return Perth has been helping many business owners with affordable tax packages, giving all business owners peace of mind knowing professionals support them. If a business owner struggles with figures and needs a tax agent in Perth, they could contact Tax Return Perth.