BAS preparation and lodgement

 

BAS Preparation

 

What is a BAS and what is its purpose?

 

A business activity Statement (BAS) is a tax reporting obligation for business. It is issued by the Australian Taxation Office (ATO) and facilitates the payment of goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax, and other tax commitments.

 

As BAS Agents, we have access to the Tax Portal and are able to lodge your BAS for you, which gives you an extra 3 weeks to lodge and pay.

 

 

I hear a lot of clients complaining about how much BAS they have to pay.

 

A different way to look at your BAS is this:

 

  • Your sales should always be more than your purchases, unless you have made a major purchase for the BAS period where the gst on that purchase can be claimed.
     

  • When charging for your services, add GST on top of your fee.
     

  • The GST is not your money, it is the governments.
     

  • Your BAS also includes your PAYG (tax deducted from your employees wages).
     

  • BAS also includes any income tax Instalments due per quarter, this is based on your previous years tax return.

 

 

My best free tip

 

Each payrun, transfer the tax and superannuation amounts into another account. To be super diligent, you should also transfer the GST amount of your monies received into another account.

 

A good practice is to also calculate your employees leave entitlements and transfer that each payrun. That way, you are always prepared.

BAS preparation and lodgement services

Darling Downs Bookkeeping Company

 

ABN 41 894 025 630

BAS Agent No 25971058

 

Level 1, 16 Prescott Street

Toowoomba Qld 4350

Tax Practitioners Board Registered bookkeeper in toowoomba
Working with ABN BAS bookkeeper in toowoomba
MYOB bookkeeper in toowoomba
Reckon bookkeeper in toowoomba
Xero bookkeeper in toowoomba
Quickbooks bookkeeper in toowoomba

Designed by  Working Websites - Powered by WebWave