BASIt’s not enough to be just a good bookkeeper. In today’s economic climate we ensure we understand our client's business and excel in nurturing its goals and future needs. Hills District Specialist - Call 1300 884 722
Business Activity Statement – Hills District – Bookkeeping
BAS (Business Activity Statement) is a tax reporting requirement for businesses issued on a monthly or quarterly basis. It is used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, withholding tax and other tax obligations.
Importance of BAS
When you first register for an ABN (Australian Business Number) and GST, you will automatically receive a BAS when the time comes to lodge. All businesses registered for GST are required to lodge a BAS by the due date.
As a business owner in the Hills District or anywhere in Sydney metro, you have a legal requirement to keep true and accurate records for at least five years. This should start from the date that the documents were prepared or obtained, or from when the transactions have been completed, depending on which occurred the latest. These can be kept in English or in a form the ATO can understand in order to calculate the amount of tax that you have to pay. If you do not maintain the required records or keep them for the period of five years, there are penalties that you may need to pay. Remember, keeping your records for the necessary period will help you avoid these penalties.
How can we help?
BAS lodgement is a very easy task to do and most business people today can do it quickly. Since your attention is usually focused on your business, your products and your employees, you may be left with very little or no time at all to focus on your BAS lodgement. Another reason why BAS lodgement can be left for last is the fact that most business owners are completely dedicated to growing their business, instead of taking a lot of time to deal with something that has happened in the past.
BAS is exactly that—a report based on accounting events that happened in the past. Better leave the past to someone who will take care of your business, guaranteeing that your lodgement is done on time and with the level of attention it deserves.
All That Counts offers a free consultation with no strings attached. In our efforts to learn about you and your business requirements, we provide tailor-fit services that allows you to get better results in your area of expertise. With All That Counts as your partner in BAS and bookkeeping, you will rest easy knowing you have everything you need and more, leaving you more time to deal with your business and concentrate on your success. Our services, which are customised to meet your every requirement include but are not limited to the following:
- Invoicing & debt collection
- Supplier payments and account management
- Bank and credit card Reconciliations
- BAS & IAS
- Cash flow Forecasting & Business Analysis
- Inventory Control
- Key Performance Indicators (KPI’s)
- Management Accounting & Reporting
- Payroll Tax
- Workers Compensation
- Weekly, fortnightly or monthly Payroll services
- Time billing
- Year-end accounts preparation
- Annual payment summaries (group certificates)
- Annual reportable contractor payment summaries for the building & construction industry
We make it easier to complete your activity statements and your yearly income tax and benefits tax returns. By keeping track of all your debtors and creditors, we help you manage your cashflow and tax obligations. There is no need to pay your tax advisors to sort through piles of paperwork. Now, you will be able to give them nicely prepared records and pay them to help you with business and financial planning.
Your success is all that counts. Leave the rest to us!
It can be hard to think about the past when you are focused on the future. We can assist you with your BAS lodgement and bookkeeping so you have more time to focus on things that matter. In case you have any questions about BAS and how we can help you, call us at 1300 884 722 to book a free consultation. We cater to clients in the Sydney CBD and the Hills District.