Filing BAS(Business Activity Statements) is an essential part of managing a legal and successful business. However, it is a time-consuming and stressful process that will tire you up if you attempt to do it yourself.
If you are managing a business and are liable to submit BAS, you can simplify the process by opting for receiving the help of a licensed and experienced BAS accountant. This blog post discusses all the primary factors that you need to know about BAS returns services in Melbourne. Read on to learn more.
What is BAS and Why Do You Need to Comply with it?
A Business Activity Statement or BAS is used for notifying the Australian Tax Office (ATO)about how much GST(Goods and Services Tax) you have received as part of your business income and how much GST you have paid as part of your business expenses. As a business owner, it is necessary for you to file your BAS on time to stay compliant with the ATO.
A BAS statement presents a detailed overview of the financial performance of your business. It is an audit trail that records the financial transactions you make and business expenses you incur throughout an accounting period. The ATO uses the data collected and reported through your BAS to determine if your business is compliant with government regulations and whether it is eligible for any assistance.
It is essential for you to comply with BAS because it protects your business against reputational damage and financial penalties. You can hire expert professional BAS returns services in Melbourne to stay compliant without fail.
A Business Account Statement Works in the Bellow- Mentioned Ways :
If You Have Received More GST than You Have Spent
If the amount of GST you have accumulated is larger than the amount of GST you have spent on your business expenses, you are liable to pay the difference to the ATO.
If You Have Spent More GST Than You Have Received
If the amount of GST you have paid through your business expenses is greater than the amount of GST you have received, you will receive the difference from the ATO by filing a BAS.
When Do You Need to File a BAS?
If your business has a revenue of over $75000 per year, then you need to file a BAS every three months. On the other hand, if your business has a revenue of over $ 20 million per year, you need to file a BAS every month.
Can You File a BAS Yourself?
Yes, as a business owner, you can file your own BAS. However, it will not be the best use of your time. Trying to handle your BAS returns on your own will be extremely stressful and time-consuming. You need to consider specific important factors before choosing to file your BAS yourself.
Filing Your BAS Yourself Involves Risks of Mistakes
It is very common for business owners to introduce errors while recording the amount of GST in their transactions. If you do not have a trained and experienced accountant, you are not recommended to file your BAS.
You Can Make Better Use of Your Time
You also need to consider the fact that the time and effort you will spend on your BAS returns can be used in running and growing your business. By outsourcing expert professional BAS returns services in Melbourne, you can free up your time and utilise it to take care of more high-value business activities.
Why is it Important to Seek Expert Support with BAS Returns?
A trained and experienced BAS accountant can efficiently handle all your reporting requirements with the ATO and make sure your business is compliant with all necessary regulations. A professional BAS accountant can assist you in the below-mentioned ways:
- Will audit all your business transactions and correctly calculate GST.
- Will check and make sure that your annual tax return matches with your BAS filings throughout the year.
- Such a professional will successfully protect you from ATO audits.
- Help you to stay up to date with new legislation and regulations.
- A professional BAS accountant will also organise a payment plan with the ATO if you are unable to pay BAS when it is due.
Filing your BAS on time is essential for staying compliant with the ATO. However, trying to do it on your own does not add any value to your business; rather, it involves the risks of expensive mistakes. By outsourcing BAS returns services in Melbourne, you can stay compliant with the government, avoid penalties, and focus on growing your business. If you are looking to engage the best BAS returns services for your business, Ezy Tax is the name to trust. Connect with us to discuss your BAS filing needs.
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