BAS Brisbane

Registered for GST? The Business Activity Statement (BAS) is a crucial document to be filed either monthly or quarterly, as per Goods and Services Tax (GST) regulations. At Total Business Partners, our team of accountants and bookkeepers will assist you in understanding the nuances of activity statements and how they impact your business. This includes the timeline for lodging activity statements and making payments to the Australian Tax Office (ATO) in Brisbane.

Please visit our pages for BAS in Sunshine Coast, North Lakes and Redcliffe.

 

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Understanding your BAS

A Business Activity Statement, or BAS, is a government-required form that GST registered businesses must submit. Depending on various factors, like the company’s size, these activity statements need to be filed monthly, quarterly, or annually.

Not only is a BAS a legal requirement for GST registered businesses, but it also aids in monitoring your company’s financial status. These statements assist in making your Goods and Services Tax, PAYG, and other tax payments.

With Total Business Partners, you don’t have to worry about the hassle. We will take care of filling out your BAS, and we will notify you when it’s time to pay your taxes, given that we have the necessary information.

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Methods to Submit Your BAS

You can choose from a few alternatives to lodge your BAS. While many prefer to submit their activity statements online, others might prefer to send their form via post.

Once you’ve decided on how to submit, here’s how you prepare to fill your BAS:

  • Collect information
  • Get your BAS form ready
  • Lodge your BAS timely

Getting Ready to Complete Your BAS

BASs are vital documents that need to be accurately filled to ensure the correct tax amount is paid, avoiding any potential investigations. By preparing all your information for the period you are filing, you can ensure your BAS is filled correctly.

Ensure you have all the data about your transactions, expenditures, and sales ready to fill your statement completely. Once you have all the financial information at hand, you can start filling the details. It’s crucial to fill only the relevant fields, write in whole dollar amounts, and enter each invoice just once.

Leave this to Total Business Partners, saving you time both now and later. If you choose our experienced team, you can have peace of mind knowing that your BAS will be filed professionally and efficiently. This will allow you to concentrate on your business’s core functions.

Finding a BAS Accountant in Brisbane.

Choosing a BAS accountant in Brisbane can seem daunting, especially if you’re new to the process. It’s vital to locate an accountant or bookkeeper experienced in handling BAS for businesses in your industry. An accountant well-versed with tax laws and regulations will ensure your BAS is accurate and compliant. Here are some crucial factors to consider, as identified by Total Business Partners:

Look for expertise: A competent accountant understands the complexities of accounting and can offer meaningful guidance for filing your BAS.

Check credentials: Make sure the accountant you choose is qualified to fill out your BAS, such as being a Certified Public Accountant (CPA) or a Chartered Accountant (CA).

Consider industry-specific expertise: Each industry has unique accounting needs, so finding an accountant with relevant industry experience is crucial. They can help you file your BAS efficiently.

Effective communication: A good BAS accountant will take the effort to break down complex financial jargon into easily understandable terms. They should also keep you updated on your BAS preparation progress and be readily available to answer any queries you might have.

Charges: Understand the costs involved with their BAS services before hiring an accountant.

Filing your BAS correctly in Brisbane.

Understanding the significance of accurate and up-to-date Business Activity Statements (BAS) for compliance with Australian tax laws, we at Total Business Partners have a team of experienced and qualified accountants who can review your existing BAS for any errors or discrepancies.

Our BAS review service includes a detailed analysis of your business records to ensure compliance with the Australian Taxation Office (ATO) guidelines. We also offer recommendations to enhance your record-keeping processes to guarantee future BAS reports are accurate and timely.

Professional BAS Review.

With our BAS review service, you can have confidence that your BAS statements meet the ATO requirements. This can prevent expensive penalties and interest charges that can arise from incorrect or late filings.

Reach out to Total Business Partners today to schedule a BAS review with our experienced accountants. We can help provide you peace of mind that your BAS statements are accurate and compliant with ATO regulations.

BAS FAQs

Is it possible to download a BAS form?

Yes, a BAS form is available for download on the Australian Taxation Office (ATO) website. However, preparing and filing a BAS can be complex and time-consuming, especially for business owners unfamiliar with the procedure. This is where Total Business Partners can be of assistance.

Our competent and experienced accountants can handle your BAS filing, making sure your reports are accurate and timely. We offer affordable, professional, and reliable BAS services so you can concentrate on your business. Please get in touch with us today for your BAS needs.

Do sole traders need to submit a BAS?

Indeed, a sole trader must complete a BAS (Business Activity Statement) if they are GST (Goods and Services Tax) registered or have an ABN (Australian Business Number) with a GST turnover of $75,000 or more. The BAS provides income, expense, and GST obligation information to the Australian Taxation Office (ATO) regularly.

Even if a sole trader isn’t GST registered, they may need to file a BAS to report other tax obligations, such as PAYG (Pay As You Go) withholding or PAYG instalments. Total Business Partners can aid sole traders in accurately and timely preparing and submitting their BAS.

What information do I provide my accountant for BAS?

To facilitate an efficient BAS filing process, provide your accountant with all necessary information and documentation. This includes financial records such as bank statements, invoices, receipts, and other relevant financial documentation. Additionally, provide your GST summary report or activity statement from your accounting software like Xero.

Any other tax-related documents, such as PAYG payment summaries or tax withholding certificates, should also be given to your accountant. Providing all necessary information ensures an accurate and compliant BAS filing.

Do I require an accountant for BAS?

Though you could prepare and file your BAS independently, the procedure can be intricate and lengthy. Hiring a skilled accountant ensures accurate and timely BAS completion, freeing you to concentrate on business operations. Besides, an accountant can offer valuable advice on optimising your business finances and minimising tax liabilities.

Total Business Partners’ experienced accountants can handle all your BAS needs in Brisbane, including preparation, filing, ongoing compliance support, and tax advice. Contact us today to simplify your BAS process.

Can a bookkeeper file a BAS return?

Yes, as long as they are registered with the Tax Practitioners Board and have the requisite qualifications and experience, a bookkeeper can file a BAS return. However, it’s crucial to remember that BAS return requires specific knowledge and skills in taxation and accounting. If the bookkeeper isn’t familiar with BAS requirements, there’s a risk of errors and compliance issues.

Hence, it’s advisable to hire a qualified accountant or registered BAS agent for accurate and compliant BAS reporting. Total Business Partners offer BAS services and can provide you with our experienced team of BAS agents.

Is lodging a BAS necessary if I have an ABN?

If you have an Australian Business Number (ABN), you’re likely required to file a Business Activity Statement (BAS) with the Australian Taxation Office (ATO). Your business turnover will determine your filing frequency. Even if your business isn’t GST registered, you may still need to file a BAS to report your Pay-As-You-Go withholding amounts.

It’s crucial to file your BAS on time to evade penalties and interest charges. If you’re uncertain whether you need to file a BAS or how to do it, our skilled accountants can provide guidance and support.

Who can file BAS returns?

Any registered business entity, including sole traders, partnerships, companies, and trusts, can file their BAS returns. However, the person responsible for preparing and filing the BAS returns must have the necessary expertise to do so accurately.

This person can be a business owner, bookkeeper, or accountant. Total Business Partners can assist you with your BAS preparation and filing needs at our team of seasoned professionals. With our expertise, you can be sure that your BAS returns are accurate, complete, and timely, reducing any risk of penalties or interest charges.

What expenses can I claim on BAS?

Business Activity Statements (BAS) are used to report and pay various taxes, including Goods and Services Tax (GST). The expenses you can claim on BAS will depend on your business nature and your incurred types of expenses. Generally, you can claim any expenses directly related to your business and for which you have a valid tax invoice.

This includes expenses like rent, utilities, office supplies, and vehicle expenses. However, it’s important to note that not all expenses qualify for GST credits, so it’s best to consult with your accountant to ensure you’re correctly claiming expenses on your BAS.

What happens if I fail to file my BAS?

If you fail to file your BAS on time, you may incur penalties and interest charges from the Australian Taxation Office (ATO). The penalty amount will depend on the delay period and your business size. Neglecting to file a BAS can also result in the ATO taking legal action against you, leading to fines or even prosecution.

Additionally, it can affect your ability to apply for government grants, loans, or other financial assistance. It’s essential to ensure that your BAS is filed on time to avoid any financial or legal consequences.

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At Total Business Partners, our motivation comes from seeing our clients succeed. We strive to deliver the highest level of service and are Xero certified accountants with expertise in structural business planning and financial management. Our comprehensive services are offered throughout Brisbane, including North Lakes, as well as across the Sunshine Coast.

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