BAS

Your quarterly Business Activity Statement (BAS) is just one of those things you have to pay attention to when running a business of any size. It is a requirement of the Australian Tax Office (ATO) to make sure businesses are fulfilling their goods and services tax (GST) obligations, and as a statutory document it has to be completed correctly. The good news is that your BAS can also be a valuable tool. It provides a quarterly check on the performance of your business. Properly completed, it helps you minimise your GST obligations and your pay as you go (PAYG) instalments. Do it incorrectly, and it can cost you.

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We can take BAS off your hands

You can have your BAS done as part of your normal quarterly accounting system. We'll compile your quarterly accounts. We'll look behind the figures and analyse emerging trends in your business. We'll work with you to develop strategies to overcome difficulties as they arise in an ever-changing economic environment. By trusting us with your BAS, you can be on top of your final income tax position two months after the end of the year.

What you get out of it:

• More accurate BAS reporting.
• No risk of overdue lodgement.
• Extra three weeks to pay BAS liabilities.
• The smallest GST and PAYG instalments.
• Professional quarterly advice on important matters you might otherwise miss.
• More free time for family and friends.
• More time to devote to your business.
• Clear picture of available cash to pay dividends throughout the year.
• Your final yearly income tax position as soon as your June BAS is completed.
• Opportunity to adjust down your June quarter PAYG instalment.
• Breathing space, by delaying submission of your tax return for time to budget if you know you are going to owe the ATO.
• Faster refunds if the ATO owes you - we have the information we need to complete your income tax return and lodge it with the ATO by September.

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Typical BAS Pitfalls

Here's what you don't want the ATO to see:

• Expenses incorrectly put to balance sheet items.
• Balance sheet items incorrectly put to expense accounts.
• Directors' wages coded to shareholder loans.
• Capital expenditures not depreciated.
• Hire-purchase payments not correctly GST or income tax accounted for.
• Employee tax, credit cards and bank accounts not reconciled.
• GST control accounts not balanced at 30 June.
• Yearly gross income figure not reconciled to lodged BAS.
• Tax payable not matched to BAS, meaning you pay too much tax.

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