What is a Business Activity Statement (BAS)?
Now that your business has been registered for GST, it is time to learn about Business Activity Statements or BAS. It may seem intimidating, but through this introductory guide we will show you that it is not as bad as you may think.
What is a BAS?
A Business Activity Statement (BAS) is a convenient tool that allows you to simplify the whole process of reporting certain business taxes (like the GST you have collected) by placing it all into one form. It is essentially a summary of all the business tax obligations you have to, or will, pay to the government. You lodge this form with the ATO either monthly, quarterly, or annually, depending on what you selected during your GST registration.
Tips for Preparing to Lodge Your BAS
To simplify the process of preparing your BAS, you need to be prepared beforehand. BAS Lodge have brought together three main tips to help you prepare your BAS.
1. Ensure your records are accurate and up to date
Keeping your records accurately and up to date will make preparing your BAS a lot easier. Simply keep your business transaction records updated, this includes the GST you have collected through your sales and the GST you have paid others within your business-related expenses. Then, all you need to do is total those records, which will give you the figures to report to the ATO.
2. Decide whether you need an accountant or bookkeeper
If you feel your operations are simple enough to keep your accounts in order and you are able to summarise your figures at the end of the reporting period, you may not need an accountant or bookkeeper to assist you. Even better, you can still enjoy the benefits of having one (like getting an extra 4 weeks for lodgement) if you lodge through a registered BAS agent like BAS Lodge. More importantly, they will check your figures to confirm everything is correct, get you an extension of four weeks for lodgement and payment of your BAS, and lodge on your behalf.
3. Know your dates.
To learn about your lodgement dates, all you need to do is look at your BAS, it will show you when the next due date is. However, if you are still unsure, for those who lodge monthly the due date is the 21st day of the month following the end of the taxable period. For example, a July monthly BAS is due on the 21st of August. For quarterly reporting, the due date falls on the 28th day of the month following the last month of the quarter. If the date falls on a weekend or public holiday, the deadline is extended to the next business day.
How Do I Lodge a BAS?
The easiest way to lodge your BAS is through BAS Lodge at baslodge.com.au. As soon as we check your figures, your BAS will be lodged to the ATO (usually within 24 business hours). If you need any assistance or have any questions about BAS, we are agents registered with the Tax Practitioners Board and we can help with your enquiries. As a registered agent, BAS Lodge can also give you an extra 4 weeks to lodge and pay your BAS, you do not have to worry about strict deadlines. Lodge your BAS easily today with our simple BAS lodgement form.