Central Coast Premium Business Accounting
- Central Coast BAS Lodgement service that you can count on.
- We can process your BAS, Payroll, Bookkeeping and Tax Returns.
- The team are available for in-person meetings and can always take a call.
- Our Gosford based accountants are experts in business tax compliance.
Contact us today to arrange an initial consultation with no obligations.
What is a BAS lodgement?
A Business Activity Statement (BAS) is a form that businesses registered for Goods and Services Tax (GST) in Australia must lodge with the Australian Taxation Office (ATO). As a result, the BAS helps businesses report and pay their GST, Pay As You Go (PAYG) instalments, PAYG withholding tax, and other taxes in a proactive fashion. Therefore, when a business registers for an Australian Business Number (ABN) and GST, the ATO automatically requests a BAS when it is time to lodge.
To lodge a BAS, businesses need to report on several key areas:
Goods and Services Tax
GST is a broad-based tax on most goods, services, and other items sold or consumed in Australia. Our Central Coast based bookkeepers will report and manage how much GST your business has collected on sales, paid on purchases, and claim GST credits via a BAS lodgement.
Pay As You Go Instalments
Our team of accountants in Gosford will calculate and help you manage regular tax prepayments based on your business’s expected income. These instalments are reported and paid through an activity statement or instalment notice, ensuring your tax obligations are met throughout the year.
Pay As You Go Withholding
PAYG withholding is a system where businesses withhold tax from payments made to employees and other workers. Our bookkeepers in Gosford will ensure compliance with tax obligations, then report and pay the ATO, helping to cover your end-of-year tax liabilities.
Other Taxes
Our accountants working out of the Central Coast will ensure that any other tax obligations that may be applicable to your businesses are considered. For example, Non-cash benefits to employees, or Fringe Benefits Tax (FBT), are separate from income tax and require careful reporting and payment through BAS.
Get In Touch
Our new clients are offered an initial consultation to explain their business and individual goals. During this initial meeting, we also take this opportunity to understand your requirements and how we can help you by looking into any obstacles that may prevent you from moving forward.
How often is BAS due?
The due date for lodging a BAS depends on the business’s reporting cycle and whether it uses a registered tax agent.
For businesses that lodge BAS quarterly, the due date is typically the 28th of the month following the end of the quarter. However, if a business uses a registered tax agent they are given an extra month to lodge.
For example, the BAS for the quarter ending in December is usually due on the 28th of January. But for businesses that use a registered tax agent it would typically be the 28th of February for the same period. Businesses that lodge online without the help of a professional may receive an additional two weeks to lodge and pay, but this should be first checked with the ATO directly.
Frequently Asked BAS Questions
How do I lodge my BAS?
Businesses can lodge their BAS online via Online services for business, SBR-enabled software, or through a registered tax or BAS agent. They can also lodge by mail if they receive a paper BAS form.
What if I have nothing to report?
Even if a business has nothing to report, it must still lodge a ‘nil’ BAS. This can be done online or by phone using an automated service.
What happens if I can't lodge or pay on time?
If a business is unable to lodge or pay on time, it should engage with the ATO early to discuss available options. The ATO provides support for businesses facing difficulties in lodging and paying on time.
How do I correct a mistake on my BAS?
If a mistake is made on a paper BAS, businesses can use white-out to make changes. For online lodgements, businesses can review and correct their BAS before submitting it.
“We don’t wait for our clients to contact us each quarter to lodge their BAS, we proactively remind our clients.”
Book Your Initial Consultation
Our new clients are offered an initial consultation to voice their business and individual goals with us. During this initial meeting, we also take this opportunity to understand your requirements and how we can assist you by investigating any obstacles that may prevent you from moving forward.
