BAS agent is authorized to prepare and file BAS returns on your behalf and to advise you on BAS-related matters, such as standard business taxes like GST and PAYG. So, The BAS Agent role is relatively new and regulate the provision of BAS services in Australia by contracted accountants.

Tips for Paying GST

  1. In Australia, You can simplify the payment of your BAS by paying the GST into a separate account with interest.
  2. If this is not possible in times of high cash flow, you can calculate your BAS for the previous year, divide it by 52 and receive this amount in your ATO account each week.
  3. Don’t put off reporting your SAR until the last day it is due. Get organized and take small steps.
  4. Reconcile your bank account regularly. If you do a little bit each day, it will make it much easier.
  5. Check the bank reconciliation report to make sure the balances on the report match the bank statements.
  6. Check that there are no outstanding transactions on the reconciliation report.
  7. Verify that the GST liability account (current balance) matches the latest SAR statement.
  8. Compare current SARs with SARs from previous years, especially SARs from the same period in the previous year, and check for significant differences.

Read: How Many Benefits of Using BAS Agent in Australia?

Tips for Accounting Software

Investing in accounting software can save you valuable time and effort. It can also help your business keep accurate tax filing records, and some systems even allow you to file your taxes in the software itself.

Review your financial situation

Set aside time once a week to review your financial situation. Good accounting software integrates with your company’s accounts and records everything from debit card usage to electronic payments. With this data, all you need to do is verify that cash payments have been added, GST has been reported correctly, and everything is linked to the correct category in the BAS.

Thinking about Cash Flow

Doing this on a regular basis makes the process easier to understand as you start to think about cash flow and financials. If you don’t get your records in order before the BAS deadline, you’ll have a mountain of work to do and you won’t be able to remember what transactions were made and why.

Need to Protect Register Name

  1. If you are having problems registering or paying your BAS, we recommend that you contact the ATO as soon as possible.
  2. If you have a legitimate and reasonable reason for the delay and can set up a suitable instalment plan, you should negotiate the terms of the penalty, interest and instalment payments with the ATO.
  3. Use a service like pent to store your receipts and invoices online. Send your receipts in a magic envelope, which can then be scanned and the data extracted and sent to your accounting software.
Conclusion
  1. Your accountant will verify the data you have filled in. So, verify that the reconciliation is correct and send you the BAS.
  2. Not only will you avoid any unpleasant surprises at the end of the fiscal year, but you will also have an extra month to submit your SAR.
Final Words

In other words, you will have an extra month to prepare your invoices and an extra month to submit your SAR. Paying your SAR by credit card gives you 30 to 55 days of cash flow.

Read: What are the introductory BAS Agent Services in Australia?

0 Comments

Leave a Comment