Key Points You Should Know When Preparing BAS!
Is your Australian small business GST-registered? If this is the case, you must file your BAS online tax return as soon as possible! Many small companies still find it difficult to file their BAS online tax return. The Australian Taxation Office, on the other hand, is going to great lengths to make the process as painless as possible. So, as an Australian small business owner, the last thing you would like to see is your future BAS due date. In light of this, here are some key tips to keep in mind when you prepare your Business Activity Statement.
Days are gone when businesses rely exclusively on Excel spreadsheets to keep track of their financial records. Now is the time to educate yourself on the numerous high-end gaming, Xero, and cloud-based tech solutions. All of these software systems will assist you in efficiently fulfilling the following objectives:
You can easily generate various Loss and Profit and Balance Sheet reports.
You can gather all of the requisite data for a flawless BAS submission.
Above all, you can effectively prepare the company's financial reports.
It would be best if you first grasped the usefulness of the applicable software system before buying it.
You may also hire a professional to help you flawlessly plan and file your potential Business Activity Statements (BASs).
Certain variables must be taken into account without fail when writing the Business Activity Statement. The following are some of them:
Whether or not it will have PAYG installment rates, fuel tax credits, or fringe benefits tax.
Ensure that all of your documentation activities are organized in a structured manner to purchase new financial plans or future assets.
Check for any complicated transactions, such as GST tax code inconsistency, offshore insurance or sales, and so on.
It would be best if you double-checked the GST tax codes for all future transactions.
Ascertain that you also have possible trusted tax returns and invoices for your company's potential transactions.
Check that your bank account balance matches the bank balance reported in an accounting software solution.
Last but not least, you must distribute all of your banking transactions among the appropriate bank accounts. Optionally, you can recruit a trained Tax Accountant in Perth to complete the tasks for you.
If you have a quarterly BAS reporting schedule? Then take note of the dates below, which refer to both you and your BAS agent in Perth!
The traditional due date is July 28th, while the BAS agent's due date is August 25th.
Is it necessary for you to plan and file your BAS for this quarter? Then it would be best if you did so by April 28th. If your BAS agent is handling it for you, he or she must complete it by May 26th.
Do you need to prepare and file your BAS with the Australian Taxation Office for this quarter? Then, as the deadline approaches, make sure you finish the task by February 28th of the following year. It's also possible that a licensed BAS agent in Perth is doing the same thing for you. In that scenario, the deadline will be February 28th.
This quarters expected due date is October 28th. If a tax agent files your online tax return for you, the deadline is November 25th.
So, employ a registered and trusted tax return accountant in Perth today to ensure that your BAS is prepared in the most enjoyable way possible!
Accounts NextGen can recruit a trained Tax Accountant in Perth to complete the tasks for you.