Do you dread every month or quarter completing your BAS statements in Bendigo and surrounds? Have you been trying to do this manually or maybe you have an accounting package and don’t understand how it works? Do you know bank fees and ASIC charges can have different GST codes?
Bendigo Bookkeeping can calculate GST on:
- Capital Purchases
- PAYG Withheld
- PAYG Instalment
- GST Free Sales
- Non Capital Purchases
- Fuel Tax Credits (rebate)
- Wine Equalisation Tax
We complete your BAS then can lodge for you online or you can continue with the paper based forms. Note the next quarterly BAS is due for lodgement on 28th Feb 2020.
Your accountant will save time and you will save money by not having to calculate BAS liabilities. They can then spend more time with you on Financial, Taxation and other Business planning
All businesses registered for GST use the business activity statement (BAS) to complete their GST returns. Your reporting and payment period is shown on your BAS and will be monthly, quarterly or annually.
You use a BAS to:
- report and pay the GST your business has collected, and
- claim GST credits
- report on your PAYG withheld (IAS)
- pay your PAYG instalment
Common GST Errors
Most businesses are not aware of the special GST codes for items like Bank debit interest, Bank Fees, Stamp Duty, Car Registration, Food, Credit Interest etc
All of these have special codes and these must be allocated correctly when the Invoice is entered or paid else your BAS will have been incorrectly completed.
Choosing a GST reporting option (quarterly payers)
Most businesses report and pay their GST quarterly. Your first quarterly business activity statement (BAS) of each financial year allows you to choose the way you will calculate, report and pay for the year.
Your BAS will display the options available to you.
Option 1: Calculate and report GST quarterly
This is available to all quarterly businesses. This option allows you to calculate and report all the GST labels in your BAS and pay your actual GST amounts quarterly.
Option 2: Calculate GST quarterly and report annually
This is available to all businesses with a turnover of less than $20 million. This option allows you to calculate and pay your actual GST amounts quarterly but report only the GST collected and paid and total sales for each quarter.
Option 3: Pay GST instalment amount and report annually
This is available to all businesses with a turnover of $2 million or less. This option allows you to pay a pre-determined GST instalment amount quarterly and to report your actual GST information annually.
Contact Maurie on 0418 573 667 or email firstname.lastname@example.org at Bendigo Bookkeeping.