Once you have registered your company for GST(Goods And Service Tax), you’ll get to finish your Business activity statement (BAS) monthly, quarterly, or annually to Complete your tax debts.
Here are some ways to assist you to complete your BAS correctly and on time.
Prepare your information
Make sure your numbers are spot-on to assist you to report your BAS Returns correctly the primary time.
-
Double-check you’ve included all your transactions
-
Make sure they’re all business expenses
-
Ensure your sales and expenses are for equivalent dates as your BAS reporting period
-
If you’re using accounting software, confirm you’ve coded items correctly
Complete your BAS Tax Return
Once you've got your numbers ready, you'll complete your BAS either online or employing a paper form. The Australian Tax Office (ATO) has detailed instructions to assist you to complete the GST section of your BAS.
Some things to remember are to:
- Enter whole dollars in the boxes
- Leave boxes empty if they don’t implement to you
- You’ll only be ready to enter positive values in your BAS form
Lodge and pay on time
Submit and pay your completed BAS by the maturity to avoid paying any interest or penalties. There is a variety of the way to try to both, so choose what suits you – as an example, you'll submit your BAS online, by mail or through a registered tax or BAS agent. The ATO website provides more detail on each of those options.
Keep your records
Once you’re through with your BAS, you’ll get to keep a replica of it and therefore the supporting documents for a variety of years to satisfy the ATO’s record-keeping requirements.
Get help
If you've got any questions on your BAS, then contact Tax Agent Perth. We have the best professional team of registered BAS agent. So feel free to contact us at any time for BAS agent services or any other tax-related services. We are just a single click away from you.
