24 October 2018
The first quarter of the new financial year is almost over already! But before you get too preoccupied with the upcoming silly season, tick your Q1 BAS off the list first.
TO help you out, here are a few useful tips, courtesy of the ATO*
BAS record keeping:
- Keep records of all sales, fees, expenses, wages and other business costs
- Only claim GST credits from suppliers who are registered for GST
- Don’t claim credits for purchases that don’t include GST, such as bank fees or water bills
- Only claim business expenses – don’t claim GST on private expenses, such as food or entertainment
- Claim the business portion of things you purchase that are also used for personal use
- Set aside your GST in a separate account
- Lodge on time to avoid penalties
- Keep all your tax invoices and other GST records for five years
Completing your BAS:
- Enter whole dollar amounts – leave cents out and don’t round up to the next dollar
- Enter each invoice once only
- Your expenses and sales must fall within the period you are lodging for
- Only complete the fields that apply to you – if the amount is zero, enter zero
BAS deadlines for 2018/2019
Quarter 1 (July – September): 28 October 2018
Quarter 2 (October – December): 28 February 2019
Quarter 3 (January – March): 28 April
Quarter 4: (April – June): 28 July
Contact the team at Shakespeare on 9321 2111 if you’d like to discuss how these tips may apply to your individual business circumstances.
More information on these tips can also be found on the ATO website: https://www.ato.gov.au/business/business-activity-statements-(bas)/lodging-and-paying-your-bas/record-keeping/
*Source: Australian Taxation Office October 2018
General disclaimer: Our firm provides the information on this website for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles on this website are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose
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