How to prepare for BAS

Posted by admin on April 10, 2011 under Uncategorized | Be the First to Comment

When you are compiling your BAS statement at the end of each quarter, there are are some critical pieces of data and information that must be filled out in a comprehensive manner. The majority of BAS statements are done by small business owners themselves, who are usually trying to save time and money but end up doing the opposite. This is due to lack of experience and attention to detail and results in the tax office rejecting or requesting resubmission of the statement.

The ATO receives 80% of its total BAS statements from non professionals and while there are those with the time, organisational skills and understanding of what they are doing, unfortunately most do not.

This is why the vast majority of statements are in need of amendment. By getting an MYOB expert to compile all your tax data, you can make this process much easier and have it done right the first time without having to follow up on minor, or even major errors. A qualified bookkeeper will keep track of your business finances so that you won’t have to deal with any bookkeeping woes any longer.

It may seem like an unnecessary additional cost to your small business, but this is usually quite the contrary. By putting all your accounts in the hands of a competent bookkeeper you can reduce the hours you spend on paperwork and get some valuable tips on how to make savings and exemptions that you might otherwise be unaware of. By denying yourself this industry knowledge, you could actually be increasing your tax bill.

A BAS service includes preparation and lodging of business activity statements along with advice about BAS provisions and dealing with the ATO on behalf of the taxpayer. There are some key things that you should do when collecting information towards your BAS statement that your bookkeeper can manage for you and ultimately save you money in the long run. Why not call us today and see what we can do for you.

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