How To Manage Your Business Activity Statement?

June 16, 2022    Taxagent Perth

For businesses registered for GST (goods and services tax), you must submit a business activity statement (BAS) (BAS). Using your BAS, you can record and pay taxes on a variety of company expenses and income, including:
  • The tax on goods and services (GST)
  • payment plans are known as "pay as you go."
  • Pay As You Go (PAYG) tax withholding.
  • Installments of fringe benefits tax (FBT)
  • Tax on high-end automobiles
  • Equalization tax on wine

The Following Types of Businesses Must File a BAS:

Businesses that have a GST turnover of $75,000 or more (or $150,000 for a non-profit organization) must file a BAS. If your turnover falls below the GST threshold, you can choose to register for the BAS tax return, but it is not required. In addition, regardless of your GST revenue, if you provide passenger taxi or limousine transportation (including ride-sourcing) or if your firm wants to claim fuel tax credits, you must register for GST.

Online BAS Lodging

Most firms that need to file a BAS do so online or through a tax or BAS agent who is licensed to do so; however, you can also file a BAS by mail. There are a couple of choices if you want to file your taxes electronically: If you're a sole proprietor and don't require any additional Standard Business Reporting (SBR) software, such as Xero or Reckon, you can use my to access these online services. A secure ATO website where you may handle your business's tax obligations (separate from other business software). For companies that aren't sole proprietorships, this is a standard method of accounting. SBR-enabled software offers safe online lodgment from finance, accounting, or payroll software, frequently coupled with industry-specific company software.

Read More:- Points To Consider While Preparing Your BAS Return

When Should You Submit Your BAS?

The dates for reporting and paying quarterly for most small enterprises are:
  • Q1: (July, August, September)October 28.
  • Q2: (October, November, December): February 28.
  • Q3: (Jan-Feb-Mar): April 28.
  • Q4: (April, May, and June): July 28.
The Australian Taxation Office (ATO) notes that if you file and pay your quarterly BAS online, you may be eligible for two weeks (except for Q2, as it already includes a one-month extension). If your company's yearly revenue exceeds $20 million or opts to do so, you must provide your GST information monthly. The following month's 21st is usually the deadline. In addition, if your PAYG withholding is less than $25,000 per year, you must report it quarterly and more regularly if it exceeds this amount. Online, by mail, or in person at any Australia Post outlet are all options for making payments to the ATO. BPAY and credit card payments are also accepted.

Information Required to Submit a BAS Return

It would help if you had some critical information handy when filing your BAS tax returns. You may always employ a BAS tax return agent from us if you need support. When you file your BAS tax return agent in Australia, you must complete a few essential parts, and two main elements will determine which portion you need to complete. To name a few: whether you will file a monthly or quarterly BAS return
  • Company Registration Type.
Our clients in Perth may rely on us for the best BAS tax agent in Perth services around. Whenever you need us, we're here for you.
  • File a BAS Tax Return
When submitting your BAS tax returns, be careful to complete all applicable areas. Do not forget to report your purchases and transactions promptly. The most crucial thing to do is replace your old BAS figures with the current ones. Our excellent Bas lodgment services are available to you for these purposes. Our BAS tax agents in Perth will be there for you until you have successfully filed and paid your BAS taxes.

How BAS Management Can Benefit your business

Managing your BAS tax return is a non-negotiable component of running a business, and many firms choose to engage a bookkeeper to reduce or eliminate penalties and fines. Depending on the size of your business, bookkeepers often charge less than $200 to file your BAS. However, Water Tight Canberra's Director, Tom Martin, believes that if you want to take your business to the next level, you need to learn how to manage your BAS and other accounting duties. Rather than being a burden, getting organized and utilizing the appropriate tools may make it a chance to understand your organization better. Owners of small businesses shouldn't be intimidated when considering filing their own BAS tax returns. Martin believes that "they can always do a brief online computer accounting course if they aren't." Building a solid foundation in these business concepts provides a solid foundation to grow your financial knowledge.

Read More :- Hire A BAS Agent Perth To Reduce Your Business Stress

In What Ways Does The BAS Tax Return Benefit Your Business?

There are numerous benefits to filing BAS Tax Australia, and our Perth, Australia, location is a clear indication of this. Below, we'll take a look at some of these advantages. You can save a portion of the GSTs you collect and pay them as and when they become due. Your firm can open an account with one of many financial institutions that offer GST accounts. You can also determine whether or not you are selling products or services that are subject to GST. If this is the case, you should provide a BAS tax invoice to your consumers. What's great about it is that you can keep track of all your sales and transactions. To claim GST credits in your BAS, you must keep your invoices for a long time. Your business purchases in Australia necessitate that these be the subject of these questions. Do you require the assistance of the most excellent tax agent in Perth? Once you've done that, you can hire a BAS Agent from our staff. When it comes to filing your BAS tax return agent, you can count on the expertise of our BAS tax Agent Perth. Trust that your BAS tax agent in Perth will support you in every way possible. The clock is ticking! It would help if you got in touch with us as soon as possible.
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