What are Business Activity Statements (BAS)?Article by Emma Warren
In Australia, if your business has a profit of $75,000 or more, you will need to register for Goods and Services Tax (GST). If you’re registered for GST, then you are required to lodge a Business Activity Statement (BAS).
When your GST turnover is less than $20 million, you must lodge a BAS each quarter. Alternatively, higher turnover businesses must lodge monthly.
Your BAS will entail numerous details:
Lodging before your due date is vital to avoid hefty Australian Tax Office (ATO) penalties.
Most business owners choose to lodge and pay their BAS online or through a registered bookkeeping or tax agent. A growing number of small businesses are seeking online bookkeeping solutions where their BAS lodgements are effectively done for them.
What information is needed to create a BAS?
Unfortunately, winging it is not a sustainable way to go about your BAS lodgements. In fact, you will need to be prepared throughout the financial year to equip yourself with all relevant information and documents for your BAS.
In order to create a lodge your BAS, you will need certain documented information from the quarter.
Essentially, anything monetary and related to your business should be retained.
Accurately and legally recording your books will not only keep the ATO off your back, but it can enable greater tax returns for you when tax time rolls around.
Is there a way to automate your BAS lodgements?
BAS… it doesn’t have to stand for Bad Annoying Stuff.
There certainly is a way to simplify and streamline your BAS lodgements.
Ultimately, the most successful business owners don’t waste their time on accounting. They outsource the financial aspects and focus on their products, marketing, operations and sales.
At Rumpel, one of our dedicated account managers can set you up on our online accounting software which ensures your BAS lodgements are completed each quarter.
After taking some time to understand the unique aspects of your work, expenses, invoicing procedures and requirements, we will set you up on our innovative software.
We can then train you to use the software and easily upload your bookkeeping documents as they become existent throughout the year.
The rest is up to us. We will coordinate your BAS lodgements, payroll and performance reviews. Your bookkeeping can finally be a breeze.
Register to have a chat with one of our account managers today.