BAS (Business Activity Statement) deadlines & tips for Melbourne businesses
If your business is registered for GST, a business activity statement is a fundamental compliance requirement for you. It is a primary approach to report taxes like GST, PAYG withholdings, and instalments. Many small businesses face ATO penalties for delaying and committing errors during BAS preparation. Thus, mastering the process is crucial to avoid fiscal strain and risk of ATO non-compliance fines. Therefore, seeking accounting services for BAS Lodgement Melbourne is the key. Expert accountants are familiar with deadlines, preparation techniques, and avoiding mistakes during lodgement. Consequently, they empower you as a business owner to get accuracy, efficacy, and receive potential refunds.
Avoid Penalties by not Missing the BAS Deadlines
Timely lodgement of a business activity statement is non-negotiable. So, missing deadlines for this stringent ATO requirement is not an exception. Hence, you should plan ahead for the prevention of fines and penalties. So, look no further to search for a BAS Accountant Near Me to meet your needs. Professional services ensure you have lodged BAS and pay taxes timely. Also, you will never be late or miss deadlines, which are as below.
1st Quarter – Standard due date for July to September is 28 October
2nd Quarter – Standard due date for Oct to February is 28 February
3rd Quarter – Standard due date for January to March is 28 April
4th Quarter – Standard due date for April to June is 28 July
If your business has a turnover of 20 million Australian Dollars or more, you must lodge BAS monthly. The due date for the monthly report is the 21st day of the following month. For example, if you have to lodge BAS for July, the due date is 21 August.
Expert Tips for On-time BAS Lodgement You Should Know
- Keep Up-to-date Financial Records
Up-to-date bookkeeping for every quarter is the key to easy business activity report preparation. Through BAS Preparation Services Melbourne, you can utilize financial data for your business. Experts have access to accounting softwares for recording purchases, sales, expenses, etc., and reconciling your accounts.
- Calculate GST Credits & Refunds
For lodging a Business Activity Statement, you should compute GST credits for tax paid on business expenses. You can claim GST credits on expenses made for office supplies, rent, equipment, etc. Keeping an accurate record of GST paid and tax invoices is necessary, and mentioning them in the BAS section.
- Lodge BAS Securely
Accountants specialize in Melbourne BAS Lodgement using ATO-approved software to ensure precision. They submit BAS online to the Australian Taxation Office directly to avoid delays and penalties. Once prepared, experts also review data before final submission to the tax authorities and maintain a lodgement record.
Hire Kirpa Tax for Meeting BAS Lodgement Requirements
Avoiding pitfalls for preparing and submitting a business activity statement is important for every SME. So with Kirpa Tax, you can ensure to have the best Melbourne BAS Preparation Services. We have a team of accountants, GST, and tax specialists to ensure accurate BAS lodgement for your business. Thus, we protect you against financial hardships and ensure you keep focus on business operations and expansion.
FAQ’s
What is a Business Activity Statement meant for?
BAS refers to a periodic tax report that summarizes your GST, PAYG withholding, and other tax obligations. Lodging BAS timely helps you to keep your business compliant.
Why do I need to lodge BAS for my business?
If your business’s yearly turnover exceeds 75k AUD, you should register for GST and lodge BAS. Kirpa Tax provides you with support with accurate and timely BAS Lodgement Melbourne.
What are the deadlines for the lodgement of BAS for businesses?
For small business entities, a quarterly BAS submission is necessary. For large businesses, a monthly submission is a mandate by the ATO to avoid penalties.
How can I prepare BAS accurately for my business?
Find a BAS Accountant Near Me, Kirpa Tax, to maintain accurate record-keeping for your business. This ensures you have precise BAS preparation and lodgement to the ATO.
What are the common mistakes businesses make for BAS?
Common mistakes are misclassification of GST-free and taxed items and missing eligible GST credits. Also, late lodgement of BAS is a mistake that is penalized by the Australian Taxation Office (ATO).
Why should I hire expert services for BAS?
Hiring BAS Preparation Services Melbourne ensures the timely lodgement of statements with accurate tax computation. You can consult Kirpa Tax to avoid errors in BAS lodgement.
Why is Kirpa Tax is best accounting firm for BAS lodgement?
We are experienced BAS agents certified by ATO and have in-depth knowledge of GST calculation. We ensure you keep ATO-compliance and prepare BAS as per regulations.