BAS STATEMENTS
Are you overwhelmed by the prospect of tackling your BAS statements every month or quarter?
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For businesses registered for GST, the business activity statement (BAS) is a vital tool for completing GST returns. Your reporting and payment frequency, whether monthly, quarterly, or annually, will be clearly indicated on your BAS.​
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At BBKM Bookkeeping, we specialize in simplifying your BAS-related woes.
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You use a BAS to:
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Report and pay the GST your business has collected
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Claim GST credits
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Report on your PAYG withheld (IAS)
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Pay your PAYG instalment
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Whether you've been attempting to handle them manually or grappling with accounting software that seems like a foreign language, we understand your frustration.
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Did you know that different GST codes apply to bank fees and ASIC charges?​​
We can help you calculate GST for various aspects of your business, including:
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Sales
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Capital Purchases
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Motor Vehicles
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PAYG Withheld from employees
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PAYG Instalment
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GST Free Sales
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Non-Capital Purchases
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Fuel Tax Credits (rebate)
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Wine Equalisation Tax
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Once we've crunched the numbers, we not only complete your BAS but also offer the option to lodge it online or continue using the traditional paper-based forms.
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By letting us handle your BAS responsibilities, your accountant can save valuable time and you can save money, as you won't have to worry about calculating BAS liabilities. This way, they can devote more attention to your financial, taxation, and other crucial business planning needs.
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​Common GST Errors
Many businesses are unaware of the specific GST codes for items like bank debit interest, bank fees, stamp duty, car registration, food, and credit interest, among others. Each of these items requires the correct allocation of special codes when entering or paying invoices; otherwise, your BAS could end up being inaccurately completed.
Choosing a GST Reporting Option (Quarterly Payers)
For most businesses reporting and paying GST quarterly, your first quarterly business activity statement (BAS) for each financial year provides you with options for calculating, reporting, and paying GST for the entire year.
Your BAS will outline the available choices:
Option 1: Calculate and report GST quarterly - Suitable for all quarterly businesses, this option lets you calculate and report all GST labels in your BAS and pay your actual GST amounts quarterly.
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Option 2: Calculate GST quarterly and report annually - Available to businesses with a turnover of less than $20 million, this option allows you to calculate and pay actual GST amounts quarterly but report only the GST collected and paid, as well as total sales, annually.
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Option 3: Pay GST instalment amount and report annually - Designed for businesses with a turnover of $2 million or less, this option permits you to pay a pre-determined GST instalment amount quarterly and report your actual GST information annually.
Ready to simplify your BAS process and ensure accuracy?
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We're here to make your BAS worries a thing of the past.