It’s almost BAS time!

Plan ahead to avoid paying more and make lodging your next business activity statement (BAS) easier.

If you’re registered for GST, you probably know that your next BAS is due soon.

But did you know that if you pay your quarter 1 BAS late, you’ll incur general interest charge, which can’t be claimed as an income tax deduction – so if you pay late, you’ll pay more.

Follow ATO’s tips to help make this upcoming BAS time easier:

• make sure you include GST in the price you’re charging, if you’re selling goods and services that are subject to GST
• keep the GST you collect from your customers separate from your cash flow, so you’re ready to pass it on
• consider switching from quarterly to monthly BAS lodgment – reporting GST monthly can help you improve your cash flow and keep your record keeping up to date
• seek advice from a registered tax or BAS agent – the cost of managing your tax affairs is tax deductible, and you may receive more time to lodge and pay
• prepare to lodge and pay your BAS on a weekday in November – ATO online services will be unavailable at different times over most weekends in November. If online services is unavailable when you’re ready to pay, we have other payment options you may be able to use.
• lodge a ‘nil’ BAS if you have nothing to report – if you’ve been lodging ‘nil’ BAS for a while, consider whether you should cancel your GST and other registrations.

Find more tips to prevent a business tax debt. If you can’t pay on time, there are support options you can access to meet your tax and super obligations.

Source: ATO