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As a business owner, you strive for an operation that runs as smoothly as possible. When it comes to the tedious task of bookkeeping, GST recording and accounts, leave it to Pamela at Figures Right. She strives to deliver an exceptional service when it comes to your business activity statements (BAS).
Pamela provides tailored BAS services to meet the needs of residential clients, small businesses, large businesses and corporations. She will assist you with meeting all lodgement dates and help to ensure your business remains compliant with Australian taxation obligations.
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0418 633 907 to schedule your free one-hour initial consultation. Proudly serving clients throughout Canberra and surrounds.
Lodging a BAS (business activity statement) involves reporting a business's tax obligations to the Australian Taxation Office (ATO). This includes detailing goods and services tax (GST) collected on sales and paid on purchases, pay as you go (PAYG) withholding for employees and contractors, PAYG installment payments and other relevant taxes. To lodge a BAS, businesses collect financial data such as sales, expenses and other taxable transactions for the reporting period, typically quarterly or monthly.
They then complete the BAS form provided by the ATO, either manually or through online platforms. Once completed, the BAS is submitted to the ATO, either electronically or by mail. Lodging the BAS accurately and on time is crucial for compliance with tax regulations and helps businesses manage their tax obligations efficiently while avoiding penalties for late or incorrect reporting.
Partnering with a bookkeeper to lodge BAS offers several advantages. Firstly, bookkeepers possess expertise in navigating complex financial regulations, helping to ensure accuracy and compliance with tax laws. This reduces the risk of errors or omissions that could lead to penalties or audits.
Secondly, bookkeepers can save you time and effort by managing the BAS lodgement process, allowing you to focus on core business activities. They handle data entry, reconciliation and calculation of GST obligations, streamlining the entire reporting process.
Additionally, working with a bookkeeper provides access to valuable insights into your business finances. They can analyse BAS data to identify trends, opportunities for cost savings and areas for financial improvement.
Overall, collaborating with a bookkeeper for BAS lodgement helps to ensure efficiency, accuracy and compliance, freeing up your resources to concentrate on growing your business.
BAS reporting requirements vary slightly for sole traders, partnerships and companies:
For more information, reach out to Figures Right today.
Please contact Pamela on either mobile 0418 633 907 or email pamela.brown@figuresright.com.au to discuss your company or sole trader needs.
We have a free one-hour consultation. During that time, we will review your accounts and that will give us an idea of the scope of work that needs to be undertaken. We will then organise a meeting with you to go over any problems we have found and what is needed to rectify these issues. We like to ensure that your accounts are accurate from the day we commence our working relationship with you.
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