If you are in business, you know that you need to be an expert in tax and accounting and you know how to manage everything and be ready to pay taxes immediately. In addition to storing receipts and receipts, one of the most important things you need to set up is GST and BAS.
Note: If you want to get BAS Audit and GST services, click on BAS Services in Australia.
GST and business activity tax returns are a part of life for any business in Australia with an annual income of over $ 75,000. When you earn more than $ 75,000, you must register your ABN for GST within 21 days of exceeding the applicable minimum of your turnover.
Once registered, you must start depositing on a monthly, quarterly, or yearly basis.
Your BAS includes:
- Goods and Services Tax (GST)
- Pay in PAYG installments.
- PAYG and holding tax
- All other business taxes, including taxes on luxury cars. Alcohol tax adjustment and fuel tax credit
Proper handling of GST and BAS documents means that you are less likely to encounter any problems with the ATO.
What could be the reasons for GST or BAS audit?
ATO does not interfere in fixing everything to avoid verification. You must comply with the legal obligations of your business. If you did not provide BAS during the work, you may contact the auditor.
GST or BAS scans can be caused by one of the following:
- Do not submit the BAS report
- Joint GST Refund
- Basic tax credit extended to GST.
- Low GST report
- Companies reporting GST amounts are significantly different from other industries.
- The sudden transfer of the business to international financial management.
Also, if you have some exceptional employees or maybe you are used to the past. They can reverse ATO.
You are not always the best friend of every employee. That’s a good thing. But you have to make sure that you treat all employees with respect. Especially if they know your book is flawed.
And if you have this problem with employees, make sure everything is OK. Therefore, if they decide to do this with you at ATO, they will reportedly not be able to find you.
How to avoid checks
Don’t let your business fall into the trap of slow calculations and dirty paperwork. With the right bookkeeping and software, it seems easy. Probably!
Here are some tips to help you get your business moving in the right direction:
- Keep a detailed GST report for each quarter, which includes receipts, purchases, and GST collected and paid. This includes all transactions that are not subject to GST.
- Keep copies of receipts, tax receipts, and bank statements. Make sure to scan and secure credit card orders and cashier check-in receipts electronically! Paper receipts are blurred and statements are missing. So once you have it, keep it on your computer (and back it up!)
- Create a balance sheet for the quarterly income statements.
- Back up your account.
- Since payroll is often part of the GST report, keep a copy of the payroll used for PAYG reporting.
Avoid checking with Numbers Pro accounting software.
As mentioned earlier, there are many systems and software out there that can make managing your reports as easy as possible.
Numbers Pro is one of the most powerful software systems on the market that you can use to manage your books. It has the best features in the market. And you can add dozens of other programs like Stripe and PayPal to keep all your data in one place.
Prepare the base and separate it with zero.
Zero can work very hard for you! Numbers Pro has a BAS feature that automatically collects everything needed to calculate GST and sends it directly to Numbers Pro ATO!
Read More: Faculty of Economics and Management