A common mistake made by small businesses is to report items on their Business Activity Statement (BAS) which are not required to be reported. Reporting incorrectly can disproportionately inflate your business’ figures. As a BAS is specifically designed to determine how much of certain business taxes you owe to the ATO, inflated figures could cause…

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For all business owners, especially those who are sole traders, it is important to know the difference between a Business Activity Statement (BAS) and an Income Tax Return. Both will need to be completed regularly and carry their own individual obligations.It can become difficult for Sole Traders to understand the distinct differences between their income reporting…

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Mistakes do happen from time to time when lodging a BAS. A busy business can be a great distraction from lodging your BAS. Unfortunately, by the time you get to it, in the rush to lodge it, you make a couple of mistakes. Or perhaps it is your first BAS, which can be intimidating. But the mistakes happen either…

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