Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

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Bookkeeping – The BAS (Business Activity Statement) and what you need to get form your bookkeeping and accounts

images/Bookkeeping.jpgIf you are a business registered for GST you need to lodge a business activity statement (BAS).

Your BAS will help you report and pay your:

  • Goods and services tax (GST);
  • Pay as you go (PAYG) instalments;
  • PAYG withholding tax;
  • Other taxes.

Business activity statements (BAS)

The Business Activity Statement (BAS) is a tax reporting requirement for businesses issued by us on either a monthly or quarterly basis. It’s used for reporting and paying Goods and Services Tax (GST), Pay As You Go (PAYG) instalments, PAYG withholding tax and other tax obligations.

When you register for an Australian Business Number (ABN) and select GST (turnover will be over $75,000 ex GST), the Tax Office (ATO) will automatically send you a BAS when it is time to lodge.

All businesses registered for GST are required to lodge a BAS by the due date.  

Completing the GST labels on your BAS

You must complete the goods and services (GST) tax section of your business activity statement (BAS) if your business is registered for GST.

The GST labels you complete depend on the GST reporting option you have chosen for the FIRST quarter of the tax year (Jul – Sep):

  • Option 1 - Calculate and Report Quarterly;
  • Option 2 - Calculate Quarterly, Report Annually (total for the year);
  • Option 3 - Pay Instalment amount, Report Annually.

You can lodge your BAS electronically, by mail or for nil lodgements on the phone. You can pay electronically, by mail or in person at Australia Post.

To avoid penalties you need to lodge and pay on time. If you can't lodge or pay by the due date, contact us as soon as you can.

The ATO site is full of information to assist you in your tax reporting requirements – and tells you what your bookkeeping needs to supply you, to prepare the form at the GST labels on your BAS (Business Activity Statement). Here are the KEY details about what the BAS is.

Find out about:

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and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – get them right!

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Search for info you need click for the list of our articles

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Cashflow tip – Improving Cashflow in a Business

images/CashFlow.jpgThere are several areas of your business can have an effect on cash flow, that is, how much cash is available. Here are 5 things to attend to when cash is low. Overall, controlling your expenses and increasing your sales, can improve your cash flow, and here’s more about how -

1. Review stock levels

By holding too much stock means you tie up cash and increase storage and insurance costs. Practicing good stock control is to keep stock at efficient levels to service customers, but not sit for months waiting to sell.

2. Manage customer and supplier accounts

Regularly follow up those overdue debtor accounts who owe you money. Manage debtors by having good credit policies and enforcing them, to keep your cash coming in.

You may also be able to negotiate longer payment terms with your creditors/suppliers. If you can get payment from your customers before you pay your suppliers, you will have zero out of pocket expense – easier said, but sometimes can happen.

3. Review banking products

Using the appropriate banking transaction products can have the money in your pocket sooner. Consider a mobile EFTPOS device, or investigate services to take payments over the phone or online.

4. Increase sales income

Review your pricing (time to increase?), use a new advertising campaign or improve your customer service and sell add-ons (would you like Fries with that?) to see if you can increase profits. You may also want to consider other ways to growing your business, such as complimentary products or services.

5. Reduce overheads

Think about reducing staff overtime hours and controlling overheads. Make your business more environmentally friendly may reduce costs such as power and water bills and minimise wastage. Remember to clearly communicate your policies on these items to your staff.

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Call 0407 361 596 Aust

Call for FREE 30min advice 0407 361 596 orclick for the list of our articles.
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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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