GST (Goods and Services Tax) and BAS (Business Activity Statement) are two important components when managing your business and its accounting needs. Solution In brings to you a quick check list of GST and BAS tips that can help keep your business on track.
1. Stay on top of your record keeping throughout the year so that you’re prepared to lodge your BAS in advance. Having a clear record will help you manage your cash flow and obtain refunds faster. Usually, all the records used to prepare for BAS must be kept for five years.
2. Make sure you have a tax invoice for any purchases over AUD $82.50. You can only claim GST credits for business purchases that include GST in the sale price from suppliers that are registered for GST.
3. Set aside a separate bank account to deposit the GST money you receive. This can make it easier for you to pay your BAS as well as manage your cash flow.
4. A simple but crucial tip: Fill in the amounts on your activity statement as whole dollars ‒ leave out cents and don’t round up to the nearest dollar.
As a registered business, it is essential to complete your BAS correctly. Solution In Accounting offers you efficient services to lodge your BAS. We also make sure that your lodgement is error-free and offer consultations in case you need further help.
If you think you might not be able to pay, contact us as soon as possible before your BAS is due. Even if you are unable to make the payment, you still need to lodge your BAS on time. We can guide you through the process. To find out more about BAS and GST, contact us today.