Do you think lodging a BAS is complex and complicated at time? Well, it wouldn’t really be so if you choose the right means to deal with the whole thing. Here’s a very simple guide that you may find useful.
Maintain Your Records
Whether your business is a small or large-scale one, you know that every activity that takes place inside and out is directly relevant to the amount of tax you are required to pay, and also the types of concessions you become eligible to. This is the reason you need to keep all records of every business activity, especially all sales and purchases.
It is also extremely beneficial to have each activity classified according to its type in order to make it easier for you to lodge your BAS. This type of organization is not only helpful when lodging a BAS, but will help you deal with every aspect and issue that comes up concerning your business and processes.
Identifying Your Sales
When you talk about classifying your business activities, you obviously need to be more focussed on your sales and sales activities where GST is concerned. As you know, there are certain sales that are liable to taxes, while some may be excluded from them. This is where classification of sales becomes important and extremely useful. By having them sorted and recorded, and having them organized accordingly, you will be able to have your BAS lodged easily, conveniently, and faster.
Many business owners and managers have issues and go through all sorts of hassle when it comes to fetching, compiling, and most importantly, differentiating records and information. Therefore, with properly filtered information, you may even be able to save up half your time and efforts.
Payments of GST – Know the Key Points
The government offers numerous options to business owners, partners and manages of different types where payment and lodgement is concerned. It is also important to note that every business may be eligible to a varied set of regulations depending on various factors. Look up BAS Lodge to find out how a legit online service works when it comes to lodging a BAS for a specific business.
When it comes to paying your GST, you may want to check on what your requirement, regulations, and options are. In most cases you may be required to report and make payments in the standard way. However, there could other cases, again, depending on certain factors, when you would have the option to pay in instalments as you go. In order to find out and decide what suits your case best, you need learn about and become aware about the facts connected to the tax payments concerning relevant business types.
Your Responsibility
The first thing every business person in Australia needs to keep in mind is the liability of tax payments. It is almost like the first thing that would occupy your thoughts as you plan to start your business. Once you have your business up and running, you need to make sure you keep in mind and stay updated on all that’s connected to BAS lodgements and tax payments, and not become negligent or ignorant about it. When that happens, you might face quite a lot of inconvenience when it is time to make your payments to the AOT. In order to prevent unpleasant consequences, and to ensure that every tax payment process goes smooth, being a responsible and dedicated businessman becomes a key.