The government requires small business owners to prepare certain forms and reports throughout the year to calculate how much tax you either need to pay or that the ATO owes to you.
BAS or Business Activity Statements
The business activity statement (BAS) is a tax reporting requirement for businesses issued by the ATO on either a monthly or quarterly basis. It’s used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other tax obligations.
When you register for an Australian business number (ABN) and GST, we will automatically send you a BAS when it is time to lodge.
All businesses registered for GST are required to lodge a BAS by the due date.
Tax Returns & Financial Statements
Tax can either been seen as a necessary evil or an opportunity. When prepared, financial reports and tax returns can be seen as a snapshot of your business and can prompt a number of questions of which the answers can potentially save you money. Accurate and detailed financial information gives owners the information and confidence they need to make the right decisions.
When you are a client of Inspire we include the preparation of all the info the ATO requires, which is why we say “we’ll keep you out of jail, but help you keep as much of your hard earned cash as possible”.