BAS Reporting, Lodgement Dates & Budgeting To Pay BAS
One of the biggest challenges we find business owner’s face, is budgeting to pay their BAS when BAS reporting.
The best 2 options to ensure you budget to pay the BAS are:
My all-time favourite is to simply pay weekly in advance so that you’re always ahead, and you end up with either a small bill or a refund
My second favourite is reserving that same money in a holding account, only if you definitely will not touch it (this is very hard for most business owners)
One more thing; don’t forget end of year tax. You’ll need to reserve a % of monthly profit for end of year tax. This varies depending on what you’re earning but as a rule, put 20% away using one of the options above.
Monthly Lodgement Obligation Due dates:
Quarter 4, 28 July
Quarter 1, 28 October
Quarter 2, 28 February
Quarter 3, 28 April
BAS Agents are afforded extended deadlines of approximately 1 month.
If you run a business on the Gold Coast, and you’re registered for GST, you will need to report to the ATO. This is done by using the BAS lodgement form, paper or electronic.
The BAS is about much more than just about GST:
GST
Reporting your payroll figures & your withheld payroll tax.
Reporting your turnover.
Reporting your expenses.
Paying PAYG tax as dictated by the ATO based on your most recent tax return.
Did you know that the reporting data is used to create the latest business benchmarks? You can compare your business to others just like yours here:
Be aware – if you fall significantly out of benchmarks, this is when an audit can be triggered.
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