Do you submit your business activity statements (BAS) on a quarterly basis? The next statement is due on 28 February, which is less than a week away. It’s no surprise that many small businesses are still feeling the effects of COVID-19. If your finding it difficult to meet the next BAS lodgement obligations, here are three tips to help you with your next BAS.
Lodge your BAS online
A surprising amount of small businesses are still submitting a paper BAS to the ATO. While you might not have found the time to figure out the online system, it’s a good idea to try it out, as there’s many benefits. Not only can it save you time, but you can actually gain additional time, especially when it comes to submitting your BAS. In some cases, it’s possible to get up to two extra weeks to lodge statement and make your payment.
Lodging your BAS via the MyGov site is fast and secure, and you can review your statement before lodging it, enabling you to pick up any errors before it’s too late. It’s also possible to see an overview of your account, past BAS lodgments and set up notifications for future BAS lodgment dates. Plus, it’s likely that you’ll receive your refunds faster.
If in doubt, get assistance from a registered tax agent. You can find out more at the ATO website.
Make sure you lodge your BAS, even if you can’t pay in full
In these unpredictable times, it’s common to find businesses struggling, everyone is doing it tough. It’s important to lodge your BAS on time, even if you cannot pay the full amount. While this might be a difficult reality to face, it’s important that you’re upfront about your situation. The ATO have systems in place to help businesses, and once you have lodged your BAS and updated your records, the staff at the ATO will be better positioned to assist you with payment plans. Find out more about payment plans at the ATO website.
If you have nothing to report, still lodge your BAS
Even if you have nothing to report for this quarter, it’s still important that you lodge your BAS, and report your activity as ‘nil’. If you’re using the online system, it is fast and easy, by selecting the “Prepare as NIL” option on your BAS lodgment form.
At Acacia, we help businesses overcome issues, rebound and become more profitable. Acacia has the knowledge and experience across a range of businesses to provide cost-effective solution for your business. If you’re interested in taking your business to the next level, please contact us to find out more.
Disclaimer: Acacia is not an authorised BAS agent. Should you have any further queries, please contact the ATO or your authorised tax aganet or accountant.