Expert BAS support by small business accountants in Geelong
Managing a small business can be challenging, especially when complying with tax regulations. One of the most crucial aspects of this compliance is handling your Business Activity Statement (BAS). Synergy Max, your local small business accountant in Geelong, is here to help you navigate the complexities of BAS with ease and expertise.
What is BAS?
A Business Activity Statement (BAS) is a form that businesses in Australia must submit to the Australian Taxation Office (ATO). It summarises the business’s tax obligations, including:
- Goods and Services Tax (GST): The amount of GST collected on sales minus the GST paid on purchases.
- Pay As You Go (PAYG) withholding: The tax withheld from employees’ wages.
- PAYG instalments: The advance payments towards the business’s income tax.
The BAS is usually lodged monthly or quarterly, depending on the business’s turnover and other criteria. It helps businesses stay on top of their tax responsibilities and comply with Australian tax laws.
Understanding BAS and its importance
Business Activity Statements are essential for reporting your business’s tax obligations, including Goods and Services Tax (GST), Pay As You Go (PAYG) instalments, and other tax obligations. Proper BAS management ensures you meet your tax requirements, avoid penalties, and maintain good standing with the Australian Taxation Office (ATO).
GST reporting cycles
Your GST reporting and payment cycle will be one of the following:
Quarterly: This is applicable if your GST turnover is less than $20 million and the ATO has not required you to report monthly. Most small businesses fall into this category.
Monthly: If your GST turnover is $20 million or more, or if you choose to report GST monthly, this cycle applies to you. It helps in managing cash flow more frequently.
Annually: This option is available if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies). It’s suitable for businesses with lower turnovers that prefer to report annually.
Simplifying BAS with Synergy Max
At Synergy Max, we understand the intricacies of BAS and GST reporting. Our team of experienced accountants in Geelong is dedicated to providing tailored support for small businesses. Here’s how we can assist you:
- Timely BAS lodgment: We ensure that your BAS is lodged on time, avoiding any late lodgment penalties.
- Accurate GST calculation: Our experts accurately calculate your GST obligations, ensuring compliance and preventing overpayment.
- Customised advice: We offer personalised advice to help you understand your GST reporting cycle and make informed decisions for your business.
- ATO liaison: We manage all communications with the ATO on your behalf, reducing your administrative burden.
Pro tips for managing your BAS
- Set calendar reminders: Use your phone to set calendar reminders for key BAS lodgment dates. The ATO app is a handy tool for this purpose.
- Stay Organised: Keep all your receipts and invoices organised to simplify the BAS preparation process. (this can be made easy with some of the software available to small business these days such as Hubdoc and Dext and the likes. Talk to us about how we can help simplify your bookkeeping.
- Seek professional help: Engaging with professional accountants like Synergy Max can save you time and ensure accuracy in your BAS reporting.
For more guidance on preparing and lodging your BAS, visit the BAS and GST tips section on the ATO website.
Why choose Synergy Max?
Choosing Synergy Max for your BAS support means partnering with a team that cares about your business’s success. Our educational and helpful approach ensures you understand every aspect of your tax obligations, empowering you to focus on what you do best – running your business.
Don’t let BAS and GST reporting overwhelm you. Contact Synergy Max today to schedule a consultation and let our small business accountants in Geelong provide you with the expert support you need to stay compliant and grow your business.
