Coolum Accountant Quarterly BAS Business Activity Statement
Every Australian business owner needs to be aware that they are required to submit a BAS business activity statement for tax purposes, but there is often confusions as to how regularly it should be done. There is the option for monthly, quarterly, and annual submissions, but the financial state of your business may not make each of those options available to you. As far as Tax Planning goes, the easiest way to figure out how to submit on time is to keep on top of your paperwork and financials, which is often something that is best left to the Sunshine Coast professionals like Paula Wildeisen from Accounting and Tax Solutions Coolum Sunshine Coast.
The chances are that a good majority of Coolum businesses will be able to report quarterly based on the regulations set out by the Tax Office. Smaller businesses are much better served by submitting quarterly, as we will see in a moment, as they tend not to fall into the earning areas where the option to submit on a schedule of your own choosing goes out the window. A business that has an annual turnover of $20 million or PAYG withholdings that fall in the $25,001 to $1 million range do not have the luxury of choosing their frequency. These businesses also need to report and pay GST each month of the year.
There may be some scenarios where the Tax Office requires businesses that fall below the $20 million threshold to report on a monthly basis, but in most cases GST can be done quarterly. The great advantage that small businesses have when it comes to paying GST amounts is that they have a variety of different ways that they can do so. They can put together a full report and pay electronically, go with a less detailed report submitted quarterly and paid annually, or they can pay a quarterly installment plan and report on an annual basis.
There is a lot of work that goes into creating a business activity statement, which goes well beyond just keeping track of all your receipts. If you are a small business owner, chances are you will not have a large staff, which means you may not be able to do all of the work in-house. If this is the case, you really need to talk to financial and tax experts who know exactly what it takes to get all of your reports and statements in on schedule. Tax planning is essential.
Accounting and Tax Solutions in the Sunshine Coast area know exactly what it takes to serve small business, as they would likely be considered one themselves. They understand better than most the need for organisation and cash flow as it pertains to small businesses, which means they are perfectly placed to advise you on what is best for your business. If the idea of putting together a BAS and reporting on a set schedule is something that gives you a headache by just thinking about it, hand over the work professionals who have the ideal cure for your pain.