Get on top of your record keeping early and be better prepared for lodging your BAS ‒ it can help manage your cash flow and get you your refund faster.
Keep your business on track with these GST and BAS tips:
- Keep all of the records you use to prepare your BAS. Generally, these records must be kept for five years.
- Only claim GST credits for business purchases that include GST in the sale price from suppliers that are registered for GST.
- Make sure you have a tax invoice for any purchases over $82.50.
- Fill in the amounts on your activity statement as whole dollars ‒ leave out cents and don’t round up to the nearest dollar.
- Lodge your BAS using the ATO’s online services. It’ll prompt you to correct any errors and allow you to check whether you’ve completed your BAS correctly.
- Putting money aside in a separate bank account for the GST you receive may make it easier to pay your BAS and manage your cash flow.
- If you think you might not be able to pay, contact us or the ATO as soon as possible before your BAS is due. Even if you can’t pay, you still need to lodge your BAS on time.
If you require assistance with your GST and BAS management, please give us a call on (08) 9321 2642.