Compile & Lodge BAS in Canberra
Personalised BAS Services
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.
Get in touch on
0418 633 907 to schedule your free one-hour initial consultation. Proudly serving clients throughout Canberra and surrounds.
About Lodging BAS Statements
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.
Advantages of Bookkeepers
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.
Different Reporting Requirements
BAS reporting requirements vary slightly for sole traders, partnerships and companies:
- Sole Traders: Sole traders report their business income and expenses on their individual tax return using the sections for business income and deductions. They include GST information directly on their BAS, reporting sales, purchases and GST payable.
- Partnerships: Partnerships report their business income, expenses and distribution of profits to partners on a partnership tax return. Each partner then includes their share of the partnership's net income or loss on their individual tax return. Similar to sole traders, partnerships report GST information directly on their BAS.
- Companies: Companies have separate legal entities, so they file a separate tax return. They report business income, expenses and GST information on their company tax return and lodge a BAS to report GST payable or refundable.
For more information, reach out to Figures Right today.
