Take the stress out of BAS, GST and business reporting. TaxAssist Accountants Oxley prepares BAS for sole traders, companies and small businesses across Brisbane's south-west — with plain-English explanations and fixed-price quotes.
If you're running a business, Business Activity Statements can quickly become one of those jobs that seems to arrive just when you're busiest.
You need accurate bookkeeping. Transactions need the correct GST treatment. Payroll and PAYG information may need attention. Then there's the question every business owner wants answered:
At TaxAssist Accountants Oxley, we help sole traders, companies and small businesses manage their BAS and GST obligations without turning every reporting period into a paperwork emergency.
We can prepare your BAS from your existing bookkeeping records or provide ongoing bookkeeping and BAS support as one connected service.
We'll help you understand why.
Book a free 20-minute consultation with our Oxley accounting team.
Call 07 2142 6644
BAS stands for Business Activity Statement.
Australian businesses use activity statements to report and pay certain tax obligations to the Australian Taxation Office.
Depending on your business and registrations, a BAS can include items relating to:
Not every business has exactly the same BAS obligations.
What appears on your activity statement depends on the taxes and reporting obligations for which your business is registered.
That's why your BAS should be prepared according to your business, rather than simply copying what another business owner does.
GST stands for Goods and Services Tax.
It is a broad-based Australian tax applying to most goods, services and other items sold or consumed in Australia.
Businesses registered for GST generally include GST in the price of taxable sales and may be entitled to claim GST credits for eligible business purchases.
The difference between GST collected and eligible GST credits claimed forms part of determining the business's GST position.
It sounds straightforward.
In practice, questions quickly arise.
Can I claim the GST on this purchase?
What if the supplier didn't provide a valid tax invoice?
What if I made a mistake on my last BAS?
That's where good bookkeeping and professional BAS assistance become valuable.
This is one of the most common questions new business owners ask.
Whether your business needs to register for GST depends on its circumstances, including its GST turnover and the activities it undertakes.
Some businesses are required to register once the relevant registration requirements are met.
In other circumstances, a business may be able to register voluntarily.
There are also special registration rules applying to certain activities.
The important point is not to wait until long after your circumstances have changed before asking the question.
If you're starting a business or your turnover is growing, we can help you review whether GST registration is required and assist with the registration process where appropriate.
GST turnover isn't necessarily the same thing as simply looking at the total deposits into your bank account.
The GST rules determine which amounts are included when assessing turnover for registration purposes.
That's particularly important for businesses approaching the GST registration threshold.
If your business is growing, don't assume you can wait until the end of the financial year to look at GST registration.
Your position may need to be considered during the year.
We can help monitor your circumstances and discuss when registration may become necessary.
Depending on your circumstances, you may be able to register for GST even where registration isn't compulsory.
Whether doing so makes sense is a separate question.
Voluntary registration can create both advantages and additional obligations.
For example, a registered business may potentially claim GST credits on eligible purchases, but it may also need to charge GST on taxable sales and meet ongoing BAS and record-keeping requirements.
Before voluntarily registering, it's worth considering how GST registration will affect:
We'll help you understand those implications before making the decision.
Registering for GST isn't simply a one-time form.
It creates ongoing obligations.
Depending on your circumstances, you'll need to correctly account for GST on relevant sales and purchases, maintain appropriate records and report your GST position through your activity statements.
This makes bookkeeping particularly important.
If transactions aren't recorded correctly throughout the reporting period, preparing the BAS becomes much more difficult.
A good system from the beginning can save considerable time later.
Potentially, yes.
Businesses registered for GST may be entitled to GST credits for GST included in eligible business purchases, provided the relevant requirements are satisfied.
But registration doesn't mean you can automatically claim every amount of GST appearing on every purchase.
The treatment can depend on matters including:
Accurate records matter.
If you're unsure whether GST can be claimed on a particular purchase, ask before assuming.
One area that regularly causes confusion is an expense with both business and private use.
For example, a vehicle, mobile phone, internet connection or other expense may be used partly for business and partly privately.
That doesn't necessarily mean the entire GST amount is available as a business credit.
The appropriate business portion needs to be considered according to the circumstances and relevant GST rules.
Good records make these calculations much easier to support.
Being a sole trader doesn't automatically mean you need to lodge a BAS.
Your BAS obligations depend on the registrations and tax obligations applying to your business.
However, many sole traders registered for GST need to report their GST position through activity statements.
Depending on the circumstances, PAYG instalments or other amounts may also appear on the activity statement.
If you're a sole trader and aren't sure what your BAS is asking you to report, we'll explain it in straightforward language.
Companies may have several obligations reported through their activity statements.
Depending on the company, these can involve:
As a company grows and begins employing staff, purchasing more assets and processing more transactions, keeping the underlying bookkeeping accurate becomes increasingly important.
We can coordinate your bookkeeping and BAS preparation so that the information reported to the ATO comes from reliable financial records.
Tradies and construction businesses can have particularly active BAS records.
You may be dealing with:
That can mean hundreds or thousands of transactions across a reporting period.
Trying to sort everything out a few days before the BAS is due isn't much fun.
At TaxAssist Accountants Oxley, we work with small businesses, including construction and trade-related businesses.
We can help establish a bookkeeping and BAS process that keeps your records organised throughout the year rather than relying on a last-minute scramble every quarter.
Your BAS doesn't exist independently of your bookkeeping.
The figures reported generally come from the transactions recorded in your accounting system.
That means inaccurate bookkeeping can result in an inaccurate BAS.
Common problems can include:
That's why our preferred approach is simple:
Get the bookkeeping right first.
When the underlying records are accurate, BAS preparation becomes considerably easier.
Yes.
Some business owners prefer to maintain their own bookkeeping and have us assist with the BAS.
Others would rather hand over the bookkeeping as well.
We can work either way.
If you want ongoing support, we can assist with your bookkeeping throughout the year and use those records when preparing your BAS and year-end accounting work.
That creates a much cleaner accounting process:
Bookkeeping → BAS & GST → Year End Accounts → Business Tax Return → Tax Planning
Instead of repeatedly recreating your financial information for different purposes, one reliable set of records supports the entire process.
If your business employs workers, your activity statement may also include PAYG withholding obligations.
PAYG withholding involves amounts withheld from particular payments, including wages paid to employees.
Payroll records therefore need to work properly with your activity statement reporting.
This is another reason businesses with employees benefit from integrated:
Bookkeeping + Payroll + BAS
When those systems don't agree with each other, problems can arise.
PAYG instalments are different from PAYG withholding.
PAYG instalments are generally payments made during the year towards expected income tax obligations.
The ATO may determine instalment amounts or rates based on relevant information.
Business owners sometimes see a PAYG instalment appear on an activity statement and assume it is additional tax unrelated to their annual income tax.
It isn't quite that simple.
The instalments are generally credited when the relevant annual income tax position is determined.
If you don't understand an instalment appearing on your BAS, ask us before simply assuming the figure is wrong.
Businesses may have different activity statement reporting cycles.
Depending on the circumstances, reporting can be:
The applicable reporting cycle depends on your business's registrations and circumstances.
Your actual due date is shown on the activity statement issued for your business.
If you're using a registered tax or BAS agent, eligible lodgments can also have different arrangements under the ATO's agent lodgment programs.
We'll tell you the due date applying to your business rather than relying on a generic date from an internet article.
There are standard reporting schedules, but not every business should assume the same date applies.
The due date can depend on:
The safest approach is to work from the actual due date applying to your activity statement.
And preferably don't wait until that date to start your bookkeeping.
Late BAS lodgment can potentially result in penalties.
Late payment can also result in interest charges and other consequences.
But if you've fallen behind, ignoring the problem generally doesn't improve it.
We regularly see businesses where one late BAS becomes two, then three, because the owner becomes increasingly reluctant to deal with the backlog.
The better approach is to establish:
Are the bookkeeping records complete?
How much is payable?
Then work through it methodically.
If your BAS obligations are overdue, talk to us.
This is an important distinction:
Being unable to pay doesn't necessarily mean you should avoid lodging.
Your lodgment obligation and your payment obligation are related but separate issues.
If cash flow is tight, establishing the correct liability is still important.
Depending on the circumstances, the ATO may have payment options available.
The earlier you understand the amount involved, the more opportunity you have to deal with the situation sensibly.
If you're worried about an upcoming BAS payment, talk to us before the problem becomes larger.
Yes, BAS mistakes can often be corrected, although the appropriate method depends on the type of error and circumstances.
Examples might include:
The ATO has rules covering corrections and adjustments.
Don't simply alter future figures randomly to make the numbers balance.
We can review what happened and determine an appropriate way to deal with the error.
Supporting documentation is an important part of claiming GST credits.
The documentation requirements can depend on the value and nature of the transaction.
That's why keeping supplier invoices and appropriate electronic records is important.
Modern bookkeeping systems can make this much easier by allowing documents to be stored alongside transactions.
Instead of searching through a shoebox twelve months later, you can maintain organised digital records as purchases occur.
A BAS bill can be a nasty surprise if money collected for GST has already been spent elsewhere in the business.
This is a common cash-flow problem.
Money in the bank isn't necessarily all available to spend.
Part of it may ultimately be required for:
Regular bookkeeping gives you a clearer view of these obligations before the due date arrives.
For some businesses, setting aside money regularly for tax obligations can also make reporting periods easier to manage.
If your business pays contractors, your bookkeeping may also support another reporting obligation: the Taxable Payments Annual Report (TPAR).
TPAR is particularly relevant to certain businesses operating in building and construction, cleaning, courier, road freight, IT and security-related services.
BAS and TPAR are different reports.
But both rely heavily on accurate business records.
For construction and trade businesses in particular, we want your accounting system to support:
BAS + GST + TPAR + Payroll + Year End Accounts + Tax Return
rather than treating each one as a separate administrative crisis.
Your BAS reports particular obligations during the year.
Your annual business taxation position is dealt with separately.
But the underlying figures need to make sense together.
Large unexplained differences between your bookkeeping records, BAS reports and year-end accounts may need investigation.
Having the same accounting team assist across these areas can make inconsistencies easier to identify and resolve.
Sometimes a business's circumstances change.
Turnover may reduce.
A business may cease particular activities.
The owner may sell or close the business.
In some circumstances, GST registration may no longer be required and cancellation may be possible or required.
But deregistration can have tax consequences, so it shouldn't simply be done because lodging BAS has become inconvenient.
We can review your circumstances and discuss whether maintaining or cancelling GST registration is appropriate.
If you're starting a business, it's worth thinking about GST before sending your first invoices.
Questions to consider include:
Should I register voluntarily?
How should my invoices be set up?
How should purchases be recorded?
Setting up the bookkeeping and GST correctly at the beginning is usually much easier than fixing twelve months of incorrect transactions later.
We're based at 94b Cook Street, Oxley QLD 4075 and work with businesses throughout Oxley and Brisbane's south-west.
We understand that small business owners need practical assistance rather than another layer of administration.
We can prepare your BAS from your own records or provide ongoing bookkeeping support as well.
Our team can also assist with payroll, TPAR, year-end accounts, business tax returns and tax planning.
We work with small businesses, including businesses operating in construction and trade-related industries.
We'll explain what you're reporting and why rather than simply sending you a figure to pay.
We'll discuss the services you need and provide a fixed-price quote based on your requirements.
BAS stands for Business Activity Statement. Businesses use activity statements to report particular tax obligations to the ATO, which may include GST, PAYG withholding and PAYG instalments depending on the business.
No. BAS obligations depend on the registrations and tax obligations applying to the business.
Some do. A sole trader registered for GST will generally have activity statement reporting obligations. Other tax obligations can also affect what appears on the activity statement.
Depending on your circumstances, your reporting cycle may be monthly, quarterly or, in eligible situations, annually.
The applicable lodgment and payment date is displayed on your Business Activity Statement. Due dates can vary according to the reporting period and circumstances, and eligible registered-agent lodgment arrangements can also affect timing.
Yes. A registered tax professional can assist with preparing and lodging activity statements within the scope of their registration.
Yes. We can provide ongoing bookkeeping and use those records to assist with your BAS, year-end accounts and business taxation.
No. Being registered for GST doesn't automatically make every purchase eligible for a full GST credit. The GST rules, business purpose, private use and supporting documentation can affect the amount available.
Late lodgment can potentially result in penalties, while overdue amounts can result in interest and other consequences. If you're behind, it's better to address the outstanding obligations rather than continue delaying them.
Mistakes and adjustments can often be dealt with under the ATO's correction and adjustment rules. The appropriate method depends on the circumstances.
Don't automatically avoid lodging because payment will be difficult. Establishing and lodging the correct liability is important, and depending on your circumstances there may be options for dealing with the amount owing.
Yes. TaxAssist Accountants Oxley assists small businesses, including construction and trade-related businesses, with bookkeeping, GST, BAS, TPAR, payroll and taxation.
TaxAssist Accountants Oxley is located at 94b Cook Street, Oxley QLD 4075 and assists businesses in Oxley and surrounding Brisbane suburbs with BAS, GST, bookkeeping and broader business accounting.
TaxAssist Accountants Oxley provides BAS, GST and small business accounting services from our local office at:
94b Cook Street Oxley QLD 4075
We assist businesses throughout Oxley and surrounding areas including Corinda, Graceville, Rocklea, Seventeen Mile Rocks, Sinnamon Park, Salisbury, Moorooka, Coopers Plains, Yeronga and nearby Brisbane suburbs.
Whether you're preparing your first BAS, running an established company or trying to bring several overdue activity statements up to date, we'll help you work out what needs to happen next.
Your BAS shouldn't require a frantic search for invoices every reporting period.
With good bookkeeping and the right accounting support, BAS can become part of a predictable business process rather than another deadline to dread.
We'll help you understand your obligations, get the underlying records organised and prepare your BAS based on reliable information.
And because we can also assist with bookkeeping, payroll, TPAR, year-end accounts and tax returns, you don't need to keep explaining your business to a different person every time another reporting deadline arrives.
TaxAssist Accountants Oxley 94b Cook Street Oxley QLD 4075
Phone: 07 2142 6644
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Need help with BAS or GST? Talk to your local TaxAssist Accountants Oxley team today.
Information on this page is general in nature and does not take into account your individual circumstances. GST registration, GST credits, activity statement obligations, reporting periods and due dates depend on your business and circumstances. Obtain professional advice appropriate to your situation.
BAS stands for Business Activity Statement. Businesses use activity statements to report particular tax obligations to the ATO, which may include GST, PAYG withholding and PAYG instalments depending on the business.
No. BAS obligations depend on the registrations and tax obligations applying to the business.
Some do. A sole trader registered for GST will generally have activity statement reporting obligations. Other tax obligations can also affect what appears on the activity statement.
Depending on your circumstances, your reporting cycle may be monthly, quarterly or, in eligible situations, annually.
The applicable lodgment and payment date is displayed on your Business Activity Statement. Due dates can vary according to the reporting period and circumstances.
Yes. A registered tax professional can assist with preparing and lodging activity statements within the scope of their registration.
Yes. We can provide ongoing bookkeeping and use those records to assist with your BAS, year-end accounts and business taxation.
No. Being registered for GST doesn't automatically make every purchase eligible for a full GST credit. The GST rules, business purpose, private use and supporting documentation can affect the amount available.
Late lodgment can potentially result in penalties, while overdue amounts can result in interest and other consequences. If you're behind, it's better to address the outstanding obligations rather than continue delaying them.
Mistakes and adjustments can often be dealt with under the ATO's correction and adjustment rules. The appropriate method depends on the circumstances.
Don't automatically avoid lodging because payment will be difficult. Establishing and lodging the correct liability is important, and depending on your circumstances there may be options for dealing with the amount owing.
Yes. TaxAssist Accountants Oxley assists small businesses, including construction and trade-related businesses, with bookkeeping, GST, BAS, TPAR, payroll and taxation.
TaxAssist Accountants Oxley is located at 94b Cook Street, Oxley QLD 4075 and assists businesses in Oxley and surrounding Brisbane suburbs with BAS, GST, bookkeeping and broader business accounting.