GST & BAS
GST and Business Activity Statements (BAS)
It’s important to know when your business is required to be GST registered. If you are a GST registered business, are you correctly reporting your GST each month or quarter? Your business bookkeeping records will be the source of your Business Activity Statement reporting. But are you certain that your business bookkeeping is accurate?
According to ATO data, only 53% of businesses use a registered tax agent to lodge their BAS, with the rest choosing to self-lodge. As experienced tax accountants, we find this statistic very alarming. Business owners should not underestimate the complexity of GST reporting. The BAS form may look simple – but GST tax law certainly is not simple.
Many business owners think they are up to the task of doing their own bookkeeping and self-lodging their BAS. Yet, in our years of preparing BAS for businesses it is rare that we are presented with accurate client bookkeeping records that don’t require our expertise to correct fundamental errors.
Don’t risk under or overpaying GST. Speak to us about our BAS services to ensure that you are not exposing your business to an ATO review or cash flow issues.