Every year, business owners in Australia have to submit a BAS (Business Activity Statement.) This single document includes all of the information that the Australian government uses to calculate exactly how much tax you owe. If you're required to submit a BAS, it's important that it's correct and that it's on time, and for many businesses, that means getting help.
This one document includes details about your company, including how much you pay your employees. There are forms and worksheets that can help you complete it, but even they can be complicated, with links to and from each section depending on which parts apply to your business. Given the scope of everything included in your BAS, mistakes can go unnoticed until it's too late, and those mistakes can be costly.
You don't have much time
If you submit your BAS annually, the due date is 31 October every year. But most businesses in Australia submit their BAS quarterly based on their turnover. This means it can be a rush to get all of the information together and complete the BAS correctly in time, especially while still keeping the business itself running smoothly if you're running a small business. Getting help from an accounting service that provides BAS preparation services means that you can focus on keeping your business going without having to panic each time your BAS is due.
You don't want to be late
A late BAS can be costly. While the Australian Tax Office state on their website that they're unlikely to fine someone for isolated late submissions, if they do decide to apply a fine, it can be expensive! The fines are calculated based on penalty units depending on the size of the business and the number of issues that the business is being fined for. This means each late submission can cost hundreds of dollars. That's why it's so important to make sure you get your BAS submitted on time.
Getting help with your BAS can help avoid all of these problems. From worrying about whether your BAS will be submitted on time to making sure it's correct and includes everything it needs to, a qualified accounting service can take all of that extra work of your hands so that you can pay attention to the things you most care about in your business. While getting a little bit of extra help can mean some extra costs for your business, it would likely be more affordable than the fines for an incorrect submission!Share