Results from our very first Small Business Barometer showed around one in 10 small business owners in Australia had lost money through poor financial management practices, such as missed business activity statements (BAS) deadlines.
Business activity statements tell the Australian taxation office all they need to know about your taxation obligations. They are submitted four times a year with deadlines varying around every three to four months.
BAS deadlines often slip the mind of busy business owners. This can result in statements not being lodged on time and can even lead to a fine.
Don’t let yourself get caught out this year. Make a note of the deadlines and pop a reminder in your calendar for a few weeks ahead. That will give you plenty of time to get everything together and avoid a last minute panic.
We’ve also pulled together a few key tips below for completing your BAS:
1. Use whole dollars
When completing your BAS, only list whole dollars and remember to never round up. This only makes the process more difficult than it needs to be!
2. Provide tax invoices
All of your invoices should be tax invoices in order to claim GST credits. Ensure this is the case or you’ll miss out.
3. Know what you can claim for
It may sound obvious but you can’t claim credits for purchases that do not include GST such as water/electricity bills and bank fees, nor can you claim for things that were used for personal use. Make sure you only claim GST credits from suppliers who are registered for GST.
4. Use the ATO site for help
All 2013 BAS deadlines are listed on the official ATO site: http://www.ato.gov.au/Tax-professionals/Prepare-and-lodge/BAS-agent-lodgment-program-2013-14/.
If you find you’re struggling to keep on top of your BAS deadlines, you might consider hiring a bookkeeper to look after the paperwork for you. This will free up your time to focus on more important matters and leave you reassured your finances are in good hands.
You can find your nearest First Class Accounts bookkeeper here: https://www.firstclassaccounts.com/contact-us/contact-bookkeeper