When filing your Business Activity Statement (BAS), avoiding simple mistakes that can cost you time and money is important. If you’re in Sydney or anywhere in Australia, contacting Sudoku Bookkeeping is recommended to reach the best BAS Agent to assist you with your BAS requirements. To help you steer clear of these errors, here are five common mistakes to avoid when filing your BAS.
1. Neglecting accurate record-keeping.
Many businesses need to maintain accurate records while filing their BAS. It is crucial to keep detailed records of all business transactions, such as sales, expenses, and GST paid and collected. Correctly completing your BAS becomes easier with precise records, potentially leading to overpaying taxes. To prevent this error, organize and keep all receipts and invoices up-to-date.
2. Omitting taxable sales and purchases.
Another frequent mistake in BAS filing is excluding taxable sales and purchases. Remember that all business-related sales and purchases, even cash sales & payments and those not subject to GST, must be included in your BAS. This includes transactions made online or with overseas suppliers. Failure to include all taxable sales and purchases may result in penalties and fines from the Australian Taxation Office. Double-check all figures and maintain accurate records before submitting your BAS.
3. Remember to claim eligible GST credits.
Claiming eligible GST credits is a common error made when filing a BAS. This can happen if you maintain accurate records of your business expenses or need an understanding of which expenses qualify for GST credits. To avoid this mistake, keep detailed records of all business expenses and consult a tax professional if you need clarification on eligible expenses. Neglecting to claim eligible GST credits can lead to financial losses for your business.
4. Submitting your BAS late or not at all.
Late submission or failure to submit your BAS on time can result in penalties and interest charges. It’s crucial to mark the due date on your calendar and set reminders to ensure you don’t miss the deadline. If you need help to complete your BAS on time, consider enlisting the assistance of a professional bookkeeper to help you stay on track. Remember, late or non-submission of your BAS can seriously affect your business.
5. Not seeking professional advice when necessary.
A significant mistake business owners make when filing their BAS is avoiding professional advice when needed. While it may seem like an additional expense, hiring a bookkeeper can save you time and money in the long run. They can ensure the accuracy of your BAS and its timely submission, providing valuable insights into your business finances. Feel free to reach out for professional help when necessary.
In conclusion, accurately and promptly filing your BAS is essential for your business’s success. To avoid common mistakes, maintain accurate records, include all taxable sales and purchases, claim all eligible GST credits, submit your BAS on time, and seek professional advice when needed. By following these tips, you can ensure the correct filing of your BAS, avoiding costly penalties and delays. Remember, for the best BAS Agent in Sydney, consider contacting Sudoku Bookkeeping.