Australian Business

GST and BAS tips for running a successful business

GST and BAS tips for running a successful business

Make sure you stay on top of your tax obligations.

Successful businesses spend that little bit of extra time on record keeping and getting their tax right, including preparing and lodging business activity statements (BAS). Once set up and organised, you’ll save time in the long run.

How can you lodge your BAS?

You can lodge online through the Australian Taxation Office (ATO) Business Portal, or directly from your Standard Business Reporting (SBR) enabled software.

You can also lodge through myTax if you’re a sole trader. Lodging online also means you may be eligible for a two week deferral to lodge and pay your BAS.

ATO’s GST and BAS lodgment tips

To help stay on top of your tax, make sure you:

  • keep all BAS records for five years – you can do this electronically
  • only claim GST credits for business purchases that include GST in the sale price, from suppliers that are registered for GST
  • put the GST you receive in a separate account to make it easier when it’s time to pay your BAS and manage your cash flow
  • contact the ATO if you think you might have difficulty paying on time and remember to still lodge your BAS on time to save you from late lodgment penalties.

If you need help, you can contact the ATO or your registered tax or BAS agent.

More Information

Original article appeared first at Business.gov.au >

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