Simple Guide On BAS Returns And How BAS Returns Can Help
If you have a business in Australia, you must acknowledge the importance and role of BAS returns in your business. A simple understanding of BAS, also known as Business Activity Statement and GST, will help business professionals control their stress and confusion. A basic knowledge of BAS returns will also help individuals understand the importance of allocating sufficient funds for the process. Through this blog, we shall shed light on BAS returns and the benefits of availing professional BAS Returns services in Melbourne.
Concept of BAS
BAS basically stands for Business Activity Statement. It is a vital document that businesses in Australia need to prepare in order to continue their business registered with Goods and Services Tax(GST).
The purpose of BAS statement preparation is to submit the record of the amount of money the business has generated and paid out to the government.
It is important to submit BAS as per the size and revenue of the company. Companies can therefore submit the statement either every month or every quarter or after a year as per the requirement.
Why do businesses prepare a BAS statement?
The information provided in the BAS statement is useful for The ATO or Australian Taxation Office. With the help of this information, the authorities generally calculate GST returns and other liabilities of the concerned business. This information also helps to determine business income tax, fuel tax credits, fringe benefits tax, and more. Experts recommend hiring professional BAS Returns services in Melbourne for accurate and timely submission of BAS statements so that businesses can meet tax obligations safely.
What do businesses include in BAS return?
BAS statements help to have important and error-free financial records that are easy to access. As per the Australian tax office, the business should strongly maintain detailed records of expenses, fees, sales, and other financial dealings. It is invariably a time-consuming process and is best to be given away to the professionals of BAS services in Melbourne. The following information must be included in the BAS statement of a business:
- Sales included in the period reported
- GST collections as per the reported sales
- GST paid on various business expenses
- Wages paid to the staff
- Income tax that has been taken withheld from the salaries of the employees
Why do businesses prefer professional BAS returns services
Preparing BAS returns can be a toilsome and time consuming work and you may need some expert help on this. This is the basic reason why businesses hire professionals for the job.
Professionals of BAS Returns services in Melbourne help you save time that can otherwise be invested in core operations. When you hire experts in BAS Returns services, you will have peace of mind as experts remain up to date with the latest codes and practices to help you with error-free BAS returns. You can hire them to avail valuable advice that can benefit your business. Such expert guidance can help you maximise your savings in the long run. If you want to avoid errors while preparing BAS returns, it is best to hire experts in the field. They create a BAS statement accurately and flawlessly, so you do not have to suffer heavy penalties. The professionals thus help you stay away from getting into legal complexions, and you can focus more on business growth.
If you are looking for high-quality BAS Returns services in Melbourne, look no further than Ezy Tax. If you want to know how we work, feel free to get in touch.
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