Your trusted bookkeeping service in Bunbury shares five critical recommendations for staying on track with your business and being prepared to submit your BAS each quarter. Why? Because if your business is GST registered, you must file a business activity statement (BAS). Your BAS will assist you in reporting and paying your GST and pay as you go (PAYG) payments.
When you pay your employees, you must withhold a certain amount of tax from their pay. You then send this tax to ATO. The ATO calls this pay as you go (PAYG) withholding. You withhold this tax on behalf of your employees. They can claim against the amount withheld at the end of the financial year.
Goods and Services Tax (GST)
GST is a general sales tax that is levied on all sales and must be remitted to the government after deduction of the tax paid on a business’s own purchases.
Here are some expert tips from the leading bookkeeping service in Bunbury and Australind:
- You must keep all receipts for income and expenses each quarter for compilation into your accounting system to determine the GST due.
- Check whether the supplier is registered for GST and only claims GST on business purchases that include GST in the selling price.
- Set up a separate bank account where you can routinely save money to pay your BAS at the end of each quarter. This also help by keeping an eye on your cash flow. This is essential, which is why your reliable accountancy firm in Bunbury advises you on the topic.
- Complete and submit your Business Activity Statement before the due date. Make sure you only use whole dollars and exclude any cents. Even better, use the ATO’s online services to complete your BAS with the assistance of our professional bookkeeping service in Bunbury. This will also guarantee the accuracy of your BAS.
- If you think you won’t be able to pay your BAS on time, call the ATO right away to work out a payment plan or contact an accounting service in Bunbury to handle the situation for you. Even if you are unable to pay in full, you must still submit your BAS on time.
What Not to Do When Lodging Your BAS?
1. Failure to declare all income
Sales aren’t the only source of income that you must declare. Cash, dividends, interest, capital gains, and even one-time transactions must all be declared.
2. Claiming expenses for which you are not eligible
Many individuals are unaware of the expenses they are eligible to claim. For example, you cannot write off capital improvements as a repair.
What Can Bookkeepers Bunbury Do to Help?
It is necessary to hire a licensed and professional bookkeeper to assist you in keeping your business tax obligations updated and filed on time. The bookkeeping service in Bunbury can indeed assist you in preparing ahead of time for your tax obligations, so you are always prepared.