Running a small business can be complicated. There are a lot of things that you, the business owner, have to think about to make sure that you are compliant with the various rules and regulations surrounding business ownership in Australia. Although registered accountants can be useful at times, it can be hard to decide when to use them.
Some of the most complicated rules come from the Australian Tax Office (ATO). Depending on the type of business you run, you may have to do things like collect and pay GST, lodge Business Activity Statements (BAS) periodically or pay PAYG payments along with your wages. One of the most complex of these is the BAS, something that stresses and worries a lot of business owners in Australia.
What Is A Business Activity Statement?
BASs are sent out by the ATO to relevant small businesses either monthly or quarterly. As the owner or manager of a business, it is your responsibility to fill out and submit the BAS. Some of the things which may be found in a BAS include:
- Goods and services tax reporting (GST).
- Pay as you go (PAYG) income tax instalments and tax withheld.
- Wine equalisation tax (WET).
- Fuel tax credits and luxury car tax (LCT).
- Fringe benefits tax (FBT).
Really, the point of a BAS is to make sure that you are reporting and paying the above correctly.
Why Should I Use An Accountant To Lodge My BAS?
Putting together and lodging a BAS statement can take a lot of time and effort, especially if you don’t really know what you are doing. A registered BAS agent or accountant can help you put your BAS together without costing you a lot of sleep.
An experienced BAS agent will know what they are doing, and will make sure that your statement is lodged correctly and on time. They won’t make any major mistakes, and this will eliminate the potential for ATO penalties and fines. They will save you a lot of time, and will free you up to spend your time building other areas of your business.
How Should I Choose The Right Accountant?
Choosing the right accountant to lodge your BAS can be difficult. Consider the following:
- Make sure that you use a registered BAS agent who will know exactly what they are doing.
- Look for an experience agent who has a strong reputation behind them.
- Don’t be afraid to spend more on a decent BAS agent or accountant.
- If possible, find someone who you can work with throughout the year, not just at BAS time.
If you can tick the following boxes, you will be well on the way to choosing a decent accountant to help you with your BAS.
Completing and lodging a BAS can be difficult for the average business owner. However, a registered BAS accountant will be able to do it for you quickly and easily, especially if you have a decent record keeping system in place. Speak to your accountant today to find out how they can help.