When running a business, tax is one crucial matter that you mustn't neglect at all. For tax preparation and filing, there is actually tons of paperwork to prepare and submit. One of these is to file your Business Activity Statement (BAS). If you run a business registered to accept Goods and Services Tax (GST), you are legally required to lodge a BAS.
In this article, we will share what you need to know about lodging a BAS and why it helps to get an accountant to accomplish this task.
BAS in a nutshell
A Business Activity Statement is a form you must fill out and submit to the Australian Taxation Office (ATO) for tax purposes. You lodge this statement to report and pay the following:
Goods and Services Tax (GST)
Pay as you go (PAYG) instalments
PAYG withholding tax
Other taxes
Know that you must file this between one and twelve times a year based on your business size. Also, depending on the nature of your business, you can choose to lodge your BAS quarterly or monthly. Once you have registered for an Australian business number (ABN) and GST, you will automatically receive this form when it's time to lodge.
How to lodge a BAS
If you're looking to lodge your statement, here are some lodging options for you:
Online lodging: You have the option to file your quarterly BAS, giving you an extra two weeks to lodge and pay. All it takes is to use the online services for individuals and sole traders for tax management, SBR-enabled software for tax and accounting, and Business Portal as a secure ATO website.
Lodging by mail: Once you receive your BAS package, you must mail the original completed BAS to the address indicated on the package.
Nothing to report: Know that you can only use this service if you have nothing to report for the period. However, you still need to lodge your BAS as 'nil' either online or by phone.
Lodging through your tax or BAS agent: If you've hired a registered tax or BAS agent, they can lodge the BAS on your behalf. They can also view activity statements sent to your myGov inbox and access your activity statement through the Business Portal or myGov. Ultimately, they will pay on your behalf through their preferred electronic channel.
As an e-commerce accountant in Australia, we handle accounting and compliance with ATO to ensure you're on top of your tax obligations. We also assist in the preparation of tax returns and financial statements, preparation of BAS, and payroll and superannuation compliance.
How an accountant can help
If you aren't a tax expert, it's best to hire a registered tax or BAS accountant, especially when it comes to the specifics of BAS. You know how preparing and lodging your statement can be a bit complicated. As much as possible, you have to be accurate in your tax reporting, compliant with all the requirements, and prompt in your tax submission. As such, leaving these tasks to the expert can make a world of difference in your business!
Conclusion
As a business accepting GST, lodging your BAS can be such a complicating process. That is where an accountant comes into the picture to help you. Be sure to consider all the valuable information discussed above and work with an expert tax or BAS accountant who can ensure you're always compliant and on top of your tax obligations!
Are you looking for an e-commerce accountant to help you lodge your BAS? You've come to the right place! We provide e-commerce accounting services to help entrepreneurs reduce tax and increase profit. Connect with us today to book a FREE strategy session!