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Running a small business comes with its fair share of challenges, but understanding your finances shouldn’t be one of them! Bookkeeping isn’t just about keeping records; it’s about playing by the rules, especially those set out by the Australian Taxation Office (ATO). At its core, bookkeeping is the process of recording all a business’s financial […]
What Is Bookkeeping for Small Businesses? Read More »
All Australian business owners, take note: A Business Activity Statement (BAS) isn’t just paperwork; it guarantees crucial compliance with Australian tax laws! Lodging a BAS ensures your business is paying the correct amount of tax to prevent legal issues, build a reputation for reliability, and secure financial benefits through appropriate deductions and credits. How can
Examining BAS Statement Examples To Help You Lodge Your BAS Read More »
Understanding the ins and outs of Business Activity Statement (BAS) taxes can feel like trying to diffuse a bomb. The wires are confusing, the clock is ticking, and one wrong move can be costly! Take a deep breath- this guide is your bomb squad! We’ll walk you through how to calculate BAS tax for your
How To Calculate BAS Taxes (Learn How Much You May Owe) Read More »
As of June 2023, Australia is home to nearly 2.6 million actively trading businesses. A significant number of those businesses are subject to Business Activity Statement reporting. Think about it: that’s millions of “scorecards” the ATO needs to track to keep the game fair and square. Why? To make sure everyone contributes their fair share
How To Do a BAS Statement in 11 Steps – A Complete Guide Read More »
In the 2022-2023 fiscal year, the Australian Tax Office (ATO) collected over $80 billion in GST revenue alone. Clearly, BAS payments are a significant part of Australia’s economic landscape. Paying Business Activity Statements (BAS) correctly and on time is non-negotiable for business owners. It’s not just about avoiding penalties; it’s also about maintaining compliance and
How To Pay BAS – A Step-by-Step Guide Read More »
If you’re a business owner in Australia, you’re no stranger to the Business Activity Statement (BAS). But do you understand what taxes you’re obligated to pay after filing your BAS? BAS is not just a formality; it’s a roadmap to your fiscal responsibilities.
What Is BAS Tax? A Guide to Some Taxes You May Owe After BAS Read More »
Navigating the labyrinth of financial obligations as a business owner can be complex. But have faith in yourself! You’ve built your business from the ground up; mastering the essential administrative task of BAS is just another milestone on your journey. Business Activity Statements (BAS) are documents that tell the Australian Tax Office (ATO) what you
How To Lodge a BAS: Online & by Mail Read More »
When managing your business, dealing with finances and taxes can sometimes feel like deciphering a foreign language. We’re here to demystify one crucial term you might encounter- BAS. What is a BAS? If your business meets certain requirements, you must submit a Business Activity Statement to the Australian Taxation Office (ATO) to report related tax
What Is a BAS (Business Activity Statement)? Read More »
