BAS North Lakes

If you are registered for GST, your BAS (Business Activity Statement) is an important document that must be lodged either monthly or quarterly (Goods and Services Tax). Total Business Partners’ accountants and bookkeepers will ensure that you understand the details surrounding activity statements and your business. This includes when activity statements must be lodged and when the ATO (Australian Tax Office) is due to be paid in North Lakes.

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

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What is your BAS?

A BAS, or Business Activity Statement, is a government form that businesses must file if they are GST registered. Most businesses must file these activity statements on a monthly, quarterly, or annual basis, depending on factors such as the size of the company.

A BAS is a legal requirement for businesses that are GST registered; however, they are also useful for keeping track of your company’s finances. Your statements will assist you in paying your Goods and Services Tax, PAYG, and any other taxes you may be required to pay.

Total Business Partners can handle the legwork for you. We can fill out your BAS for you and notify you when you need to pay certain taxes, if you provide us with the necessary information.

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Ways to lodge your BAS

There are a few different options for lodging your BAS. Most people nowadays prefer to complete their activity statements online; however, you can fill out your form and mail it.

After deciding how to lodge your statement, you must prepare to fill out your form. We must do the following to accomplish this:

  • Gather information
  • Prepare your BAS form
  • Lodge your BAS on time

Preparing to fill out your BAS

BASs are critical documents that must be completed correctly to pay the correct amount of tax and avoid any investigations. You can ensure that your BAS is correctly filled out if you prepare all of your information for the period in which you are lodging.

Make sure you have all of your transactions, expenses, and sales information available to fill out your statement completely. When you have all of the financial information in front of you, you can begin filling in the blanks. It is critical that you only fill out the fields that apply to your company, write in whole dollar amounts, and enter each invoice only once.

Total Business Partners can handle all of this for you, saving you time in the long and short run. You will have peace of mind knowing that your BAS will be lodged efficiently and professionally if you choose our experienced team. This will allow you to focus on aspects of your business that are in your area of expertise and truly matter to you.

Finding an accountant for BAS in North Lakes.

Choosing an accountant for BAS in North Lakes can be overwhelming, especially if you’re unfamiliar with the process. It’s important to find an accountant or bookkeeper who has experience in dealing with BAS for businesses in your industry. Look for an accountant who is knowledgeable about tax laws and regulations to ensure that your BAS is accurate and compliant. Take a look at some of the key attributes that we know to be important at Total Business Partners:

Seek out expertise: A proficient accountant comprehends the intricacies of accounting and can offer you significant guidance for lodging your BAS.
 

Ensure credentials: Ensure that the accountant you choose has the required qualifications for filling out your BAS, such as being a Certified Public Accountant (CPA) or a Chartered Accountant (CA).
 

Consider industry expertise: As each industry has its unique accounting needs, it is crucial to find an accountant with relevant experience in your industry. This way, they can help you to lodge your BAS proficiently.

Effective communication: A good BAS accountant will take the time to explain complex financial terms and concepts in a way that you can understand. They will also keep you updated on the progress of your BAS preparation and be available to answer any questions you may have.

Charges: Prior to hiring an accountant, it is important to have a clear understanding of the fees associated with their BAS services.

Lodge your BAS the right way in North Lakes.

At Total Business Partners, we understand how important it is to have accurate and up-to-date Business Activity Statements (BAS) to comply with Australian tax laws. Our team of experienced and qualified accountants can review your existing BAS and identify any errors or discrepancies.

Our BAS review service includes a thorough analysis of your business records to ensure compliance with the Australian Taxation Office (ATO) guidelines. We’ll also provide recommendations on how to improve your record-keeping processes to ensure future BAS reports are accurate and timely.

Professionally reviewing your BAS.

With our BAS review service, you can be confident that your BAS statements are accurate and compliant with ATO requirements. This can help avoid costly penalties and interest charges that can be incurred for incorrect or late lodgments.

Contact Total Business Partners today to schedule a BAS review with our team of experienced accountants. We can help you achieve peace of mind knowing that your BAS statements are accurate and compliant with ATO guidelines.

BAS FAQs

Can I download a BAS form?

Sure, you can download a BAS form from the Australian Taxation Office (ATO) website. However, completing and lodging a BAS can be complicated and time-consuming, especially for business owners who are not familiar with the process. That’s where Total Business Partners can help.

Our experienced and qualified accountants can take care of your BAS lodgement for you, ensuring that all your reporting obligations are met on time and accurately. We provide reliable, professional and cost-effective BAS services, so you can focus on running your business with confidence. Contact us today to discuss your BAS requirements.

Does a sole trader need to do a BAS?

Yes, a sole trader is required to complete a BAS (Business Activity Statement) if they are registered for GST (Goods and Services Tax) or have an ABN (Australian Business Number) and have a GST turnover of $75,000 or more.

The BAS reports information about the business’s income, expenses, and GST obligations to the Australian Taxation Office (ATO) on a regular basis. Even if a sole trader is not registered for GST, they may still need to lodge a BAS to report other tax obligations, such as PAYG (Pay As You Go) withholding or PAYG instalments.

Total Business Partners can assist sole traders in preparing and lodging their BAS accurately and on time.

What do I give my accountant for BAS?

To ensure a smooth and efficient BAS lodgment process, it’s essential to provide your accountant with all the necessary information and documentation. Firstly, you should provide your accountant with your financial records, including bank statements, invoices, receipts, and any other relevant financial documentation.

Secondly, you should provide your GST summary report or activity statement from your accounting software, such as Xero. If you have any other tax-related documents, such as PAYG payment summaries or tax withholding certificates, you should also provide these to your accountant. By providing your accountant with all the necessary information, you can ensure that your BAS lodgment is accurate and compliant.

Do I need an accountant for BAS?

While it is possible to prepare and lodge your BAS on your own, the process can be complex and time-consuming. Engaging a qualified accountant can help ensure that your BAS is completed accurately and on time, allowing you to focus on running your business.

Additionally, an accountant can provide valuable advice on how to optimise your business finances and minimise your tax liabilities. At Total Business Partners, our experienced team of accountants can handle all your BAS needs in North Lakes, from preparation and lodgement to ongoing compliance support and tax advice.

Contact us today to see how we can help streamline your BAS process.

Can a bookkeeper complete BAS return?

Yes, a bookkeeper can complete a BAS return as long as they are registered with the Tax Practitioners Board and have the necessary qualifications and experience.

However, it is important to note that a BAS return requires a certain level of knowledge and expertise in taxation and accounting. If the bookkeeper is not familiar with the BAS requirements, there is a risk of errors and compliance issues. It is always recommended to engage a qualified accountant or registered BAS agent to ensure accurate and compliant BAS reporting.

Total Business Partners offers BAS services and can connect you with our experienced team of BAS agents.

Do I have to lodge a BAS If I have an ABN?

If you have an Australian Business Number (ABN), it is likely that you are required to lodge a Business Activity Statement (BAS) with the Australian Taxation Office (ATO).

The frequency of lodgement will depend on the turnover of your business. Even if your business is not registered for GST, you may still need to lodge a BAS to report your Pay-As-You-Go withholding amounts. It’s important to ensure that your BAS is lodged on time to avoid penalties and interest charges.

If you’re unsure whether you need to lodge a BAS or how to do it, our qualified accountants can provide guidance and support.

Who can lodge BAS returns?

Any registered business entity, including sole traders, partnerships, companies, and trusts, can lodge their BAS returns. However, it’s important to note that the person who is responsible for preparing and lodging the BAS returns must have the necessary knowledge and expertise to do so accurately. This can be a business owner, bookkeeper, or accountant.

At Total Business Partners, our team of experienced professionals can assist you with your BAS preparation and lodgement needs. With our expertise, you can rest assured that your BAS returns are accurate, complete, and lodged on time, minimizing any risk of penalties or interest charges.

What expenses can I claim on BAS?

Business Activity Statements (BAS) are used to report and pay a variety of taxes, including Goods and Services Tax (GST). The expenses that can be claimed on BAS will depend on the nature of your business and the types of expenses you incur.

In general, you can claim any expenses that are directly related to your business and that you have a valid tax invoice for. This can include expenses such as rent, utilities, office supplies, and vehicle expenses.

However, it’s important to note that not all expenses are eligible 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 don't lodge my BAS?

If you don’t lodge your BAS on time, you may face penalties and interest charges from the Australian Taxation Office (ATO). The penalty amount will depend on how long the lodgment is overdue and the size of your business. Failing to lodge a BAS can also result in the ATO taking legal action against you, which can lead to fines or even prosecution.

Additionally, failure to lodge a BAS can impact your ability to apply for government grants, loans or other financial assistance. It is essential to ensure that your BAS is lodged on time to avoid any financial or legal consequences.

BAS Sunshine Coast location

BAS North Lakes location

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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 exceptional services are offered throughout North Lakes and the wider Brisbane region, plus, the beautiful Sunshine Coast.

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