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How to Prepare Your Business Activity Statement (BAS)

 

Business Activity Statement or ‘BAS’ is a form of taxation report based on business tax obligations. It is submitted to the Australian Taxation Office (ATO) monthly, quarterly or annually depending on how you are registered with the ATO. Before starting your BAS, you need to read the ATO guide for the form completion requirements. Identify whether your accounting method matches GST obligations for the cash or accrual accounting system. It allows you to account for the transactions that need to be included in the period’s BAS.

Two weeks before the end of the BAS reporting period, the ATO sends a statement for completion. It should be returned to the Office on the specified date of submission. It can also be lodged electronically by your bookkeeper or accountant. Computations and records for BAS should be done carefully. Mistakes and errors in data may result in penalties. Seeking help from qualified accountants can help your business lodge an accurate BAS. Tax laws should be followed strictly. To help you in preparing your BAS, here are some smart tips to keep in mind.

 

Tips on BAS Preparation

 

 

 

 

 

 

Preparing and lodging your BAS can be stressful but with an expert’s assistance, you can be guided thoroughly on what to do for your tax obligations. Here at The Money Edge, our qualified accountants and bookkeepers can help you prepare and lodge your BAS easily and on time. Feel free to call us at (07) 4151 8898 for more information.

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