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BAS Lodgments

Take control of your BAS with expert assistance from our experienced accounting team.

Take control of your BAS with expert assistance from our experienced accounting team.

Navigating the complexities of Business Activity Statements (BAS) can be overwhelming and time-consuming. At Business Mantra, we understand the stress that comes with managing your BAS obligations on your own. That’s why we’re here to lighten your load and provide you with comprehensive BAS management services that go beyond the basics.

A BAS is a vital tax reporting requirement issued by the Australian Taxation Office (ATO), summarizing the taxes you’ve paid or need to pay during a specific period. The type and amount of taxes vary based on factors such as your company size, employee count, offered benefits, nature of products or services, and location within Australia. Here’s an overview of the mandatory and additional taxes businesses are typically required to pay:

1. Goods and Services Tax (GST): A tax on the supply of goods and services in Australia.
2. Fringe Benefits Tax (FBT) Instalment: Pertains to non-cash employee benefits provided by employers.
3. Pay as You Go (PAYG) Income Tax Instalment: Helps businesses manage their income tax liabilities.
4. Pay as You Go (PAYG) Tax Withheld: Covers the tax withheld from payments made to employees and other payees.
5. Fuel Tax Credits: Refunds or credits for the fuel tax paid on eligible business activities.
6. Luxury Car Tax (LCT): Applies to the sale or importation of luxury cars.

The frequency of BAS lodgment depends on your business’s GST turnover, and the ATO sets strict due dates for compliance. Penalties can be imposed for late or inaccurate lodgment, which is why entrusting your BAS management to professionals like us can be highly beneficial.

At Business Mantra, we offer personalized BAS management services tailored to your specific needs. Our dedicated team stays updated with the latest tax regulations and lodgment cycles, ensuring accurate and timely submissions. Whether you fall into the monthly, quarterly, or annual reporting category, we’ve got you covered.

Our commitment goes beyond simply meeting ATO requirements. We provide proactive support and advice, helping you optimize your tax obligations, identify potential savings, and ensure compliance with changing regulations. With our expertise, you can have peace of mind knowing that your BAS is in capable hands, allowing you to focus on what matters most: growing your business.

Don’t let BAS management be a burden. Partner with Business Mantra and experience the difference expertise makes. Contact us today to discuss how we can streamline your BAS obligations and provide you with comprehensive accounting solutions for your business’s success.

Working With Us

Unlock the full potential of your business by outsourcing your BAS lodgments to Business Mantra, your trusted accounting partner.

Managing your accounts and handling BAS lodgments demands specialized skills, and attempting to do it yourself can result in costly errors and wasted time. Here’s why entrusting your BAS lodgments to our expert team is a smart decision:

  1. Avoid Penalties: Late lodgment of BAS can attract penalties from the ATO. By outsourcing to Business Mantra, you can rest assured that your BAS will be prepared and lodged accurately, meeting all the deadlines. We stay updated with the latest regulations to ensure compliance, eliminating the risk of penalties.

  2. Stress-Free BAS Management: Say goodbye to the stress of navigating complex tax obligations. Our skilled professionals have extensive experience in BAS lodgments and will handle the entire process for you. Enjoy peace of mind, knowing that your BAS is in capable hands.

  3. Cash Flow Optimization: Efficient BAS management plays a crucial role in cash flow management. With our expertise, we can help you analyze your financial data, identify potential savings, and manage your tax obligations strategically. By outsourcing to Business Mantra, you’ll have a better handle on your cash flow, allowing you to allocate resources more effectively.

  4. Time for What Matters: By outsourcing your BAS lodgments, you’ll free up valuable time to focus on core business activities. Rather than grappling with complex accounting tasks, you can concentrate on growing your business, serving clients, and pursuing new opportunities. Let us handle the accounting intricacies while you dedicate your time to what you do best.

  5. Expertise and Ongoing Education: Business Mantra is staffed with highly qualified BAS agents who are registered professionals. We are committed to maintaining our expertise by participating in ongoing professional development. When you choose us, you’re ensuring that your BAS lodgments are handled by knowledgeable experts who stay up to date with the latest industry trends and regulatory changes.

  6. Seamless Communication: As your BAS agent, we have the capability to view BAS and reminder messages sent to you through our secure online service. This streamlined communication ensures that we have real-time access to essential information, allowing us to deliver prompt and accurate BAS lodgments.

Unlock the benefits of outsourcing your BAS lodgments to Business Mantra. Our team of dedicated professionals is ready to streamline your accounting processes, minimize your stress, and maximize your business’s potential. Contact us today to discuss how we can tailor our services to meet your specific needs and drive your business forward.

Frequently Asked Questions

How often do i lodge my BAS?

Meeting the deadlines set by the Australian Taxation Office (ATO) for your BAS lodgment is crucial to avoid penalties.

The frequency of your BAS lodgment cycle is determined by the ATO. If your business has a GST turnover exceeding $20 million, you are required to lodge your BAS on a monthly basis. On the other hand, if your GST turnover is below $20 million, your BAS lodgments will be done quarterly.

When are my BAS Due?

When handling your own BAS lodgments, the Australian Taxation Office (ATO) requires you to submit them by the 28th of the month following the end of the accounting period. However, if you choose to work with a tax agent like Business Mantra, the lodgment date extends to two months after the end of the accounting period. By engaging a tax agent, you gain an additional month for lodgment, providing more time and flexibility to ensure accurate and timely submissions.

What happens if i dont lodge my BAS on Time?

It is important to lodge your BAS on time, even if you are unable to make the payment by the due date. By submitting your BAS on time, you demonstrate your awareness of your obligations and your commitment to meeting them. This proactive approach provides certainty regarding your position with the Australian Taxation Office (ATO) and showcases your responsible handling of your tax responsibilities, even in challenging financial circumstances. It is recommended to communicate with the ATO regarding any payment difficulties you may encounter, as they may be able to provide assistance or set up a payment plan to help you meet your obligations.

How can I catch up and get back on track if im behind?

We understand that there are various reasons why you may have fallen behind on lodging your BAS with the Australian Taxation Office (ATO). Whether it was due to a busy schedule, complexities in the forms, or unforeseen circumstances, it is common for businesses to face such challenges. However, the good news is that with the right assistance, this issue can be resolved easily, providing you with peace of mind and better sleep at night.

Regardless of the reasons behind the delay, it is essential to get back on track and bring your BAS lodgments up to date. Taking the necessary steps to rectify the situation will not only ensure compliance with ATO regulations but also help alleviate any potential stress or anxiety associated with overdue lodgments.

By seeking the appropriate help and support, such as engaging a professional tax agent or accounting firm, you can receive expert guidance in catching up on your overdue BAS lodgments. These experienced professionals can assist you in navigating through the complexities, understanding the requirements, and preparing and lodging your BAS accurately and efficiently.

Remember, falling behind on BAS lodgments is a common occurrence, and taking proactive measures to rectify the situation is essential. So, reach out to the right experts, get your BAS lodgments up to date, and regain peace of mind knowing that you have fulfilled your obligations with the ATO.