Filing your BAS is an important task that all small business owners in Australia must face, but it doesn’t have to be a complicated or stressful one. With the right guidance and preparation, filing your Business Activity Statement (BAS) can be fast and efficient. In this blog post, you’ll find everything you need to know about how to file a BAS for your small business! Read on as we walk through step-by-step instructions and helpful tips to help make sure that when tax time rolls around, you’re ready.
The Basics of BAS – What It Is And How It Works
BAS stands for Business Activity Statement and is an important document that you’ll need to fill out every time you do a business transaction. It includes information about your sales, purchases, GST collected and payable, PAYG withheld from employees’ wages and other taxes paid. Depending on the type of business you run, there are different BAS forms available.
Preparing to File Your BAS – What Information You’ll Need
Before you can start filing your BAS, it’s important to make sure that you have all the documents and information ready. You’ll need copies of all invoices (for both sales and purchases), tax returns from the previous year, any PAYG documents and your bank statements. It’s also important to make sure that all the information is categorised correctly so that you don’t have any issues when filing your BAS.
Step-By-Step guide on How to File a BAS
Once you have all the relevant documentation, it’s time to start filling out your BAS. Here is a step-by-step guide on how to complete the process:
1. Register with the Australian Taxation Office (ATO) – Before you can start filing your BAS, you’ll need to register with the ATO. This will involve setting up an ABN and registering for GST, PAYG and other relevant taxes.
2. Gather all the necessary documents – Make sure you have all the invoices, tax returns and PAYG documents ready to go.
3. Calculate GST payable and taxable income – Use your invoices to work out how much GST you need to pay and then calculate your taxable income.
4. Fill out and submit the BAS form – Once you’ve completed all of the calculations, it’s time to fill out the BAS form. Make sure that all the information is accurate before submitting it to the ATO.
5. File payment – After submitting your BAS, you’ll need to make the payment to the ATO. This can be done electronically or by cheque.
By following the steps outlined above, you’ll be able to file your BAS with minimal stress and headache. With the right preparation, filing your Business Activity Statement can be fast and efficient – leaving you free from worry when tax time rolls around. If you’d like to learn more about our BAS services in Melbourne, contact us at Bookkeeping Central today! We’re here to help make sure that your business is ready for tax time.
Tips To Help Save Time And Money While Completing Your BAS
Time is of essence when it comes to filing your BAS. Here are some tips to help you save time and money while doing so:
1.Utilise technology – Take advantage of online software or accounting apps to help make the process easier and faster.
2.Use templates – Create a template for all documents related to filing your BAS, such as invoices and payment receipts.
3.Outsource your BAS filing – If you’re feeling overwhelmed, hire a professional to help with the process.
4.Stick to deadlines – Make sure that you file your BAS on time to avoid any penalties or interest charges from the ATO.
By following these tips, you can ensure that the process of filing your BAS is as smooth and hassle-free as possible.
Mistakes To Avoid When Filing BAS Statement in Australia
Here are 4 mistakes that you should avoid when filing your BAS statement in Australia:
1.Failing to lodge on time – Make sure that you complete and submit your BAS on or before the due date to avoid any penalties.
2.Incorrect calculation of GST payable – Double-check all calculations before submitting the form to the ATO, as incorrect variations can attract interest and penalties.
3.Incorrect information in the form – Ensure that all information is accurate, especially bank details as any incorrect transactions can be difficult to reverse.
4.Lack of record keeping – Make sure you have records of all documents related to your BAS filing for at least five years, for audit purposes.
Finding A Reliable Bookkeeper Or Accountant To Manage Your BAS Lodgement
Reputable and experienced BAS services in Melbourne, Sydney, Hobart and other cities in Australia can help make filing your BAS easier and more efficient. Experienced bookkeepers can provide you with all the assistance you need when it comes to managing and filing your BAS correctly.
They offer a range of services that include data entry, GST management, invoicing, bank reconciliation and more – allowing you to focus on running your business.
If you don’t feel confident enough to handle your BAS filing on your own, you can hire professional BAS services in Melbourne to help guide you through the process. With their expertise and experience, they can ensure that everything is taken care of correctly and in a timely manner. Contact Bookkeeping Central today to find out more about our services!
Conclusion
Filing your BAS can be a daunting task for small business owners, but it is essential to ensure that you meet all the ATO requirements and obligations. By following the steps outlined in this guide, and avoiding any common mistakes, you’ll be able to complete your BAS correctly and confidently. If you need help with filing your BAS, contact our team at Bookkeeping Central today for reliable and trustworthy support. We are experts in providing BAS services in Melbourne and we have all the necessary knowledge to help you manage your taxes efficiently. Get in touch with us now to find out more about our services!