Tips to make BAS time a breeze

Small business owners have many things to keep track of, from managing employees to making sure your finances are in order. One of the most important tasks is filing your Business Activity Statement (BAS) on time with the Australian Taxation Office (ATO).

The BAS is a statement that summarises your business’s tax obligations in Australia, including goods and services tax (GST), pay as you go (PAYG) withholding, fuel tax credits (FTC) and other taxes. It’s typically lodged every quarter, and failure to lodge on time can result in penalties and interest charges.

But filing your BAS doesn’t have to be a stressful experience. With a little organisation and planning, you can make BAS time a breeze. 

Here are some tips to help you stay on top of your BAS obligations:

1. Keep accurate records

The key to making your BAS filing process smooth is to keep accurate records throughout the month/quarter. Keep all your receipts, invoices, and other financial documents organised and in one place. This will help you easily track your income and expenses and ensure that you’re claiming all the deductions you’re entitled to.

2. Use accounting software

Invest in good accounting software that can help you automate your bookkeeping tasks, track your expenses and income, and generate reports that will simplify your BAS preparation. There are many accounting software options available in the market such as Xero, Quickbooks, MYOB, Phoenix etc.

3. Review your record keeping regularly

Review your record keeping in your software or whatever you are using regularly throughout the month/quarter. This will help you catch any errors or discrepancies early on, which will save you time and money in the long run. Regular reviews also help ensure that you’re on track to meet your tax obligations and avoid late lodgment penalties.

4. Work with a BAS agent

If you’re struggling with your BAS preparation or simply don’t have the time to do it yourself, consider working with a registered BAS agent. BAS agents are professionals who specialise in helping businesses prepare and lodge their BAS statements. They can take care of all the paperwork for you, saving you time and reducing the risk of errors. 

We are registered BAS agents and we’d love to help you!

5. Don't leave it to the last minute

The worst thing you can do is leave your BAS preparation to the last minute. By doing this, you run the risk of missing the deadline and incurring penalties. Set a reminder in your calendar for the due date of your BAS statement, and make sure you start preparing it well in advance.

In summary, making BAS time a breeze requires a little organisation, planning, and attention to detail. By keeping accurate records, using accounting software, reviewing your bookkeeping regularly, working with a BAS agent if necessary, and avoiding last-minute preparations, you can ensure that your BAS lodgment process is stress-free and successful.