BAS and GST Advice For Your Business

BAS and GST Advice For Your Business

GST and BAS

Always make sure you keep good records and be prepared for lodging your BAS. Ensuring you have good records will ensure you comply with Australian Business Tax Laws and reduce the time and effort required for your lodgement.

Here are some great GST and BAS tips for your business tax:

  1. Keep all your business activity records such as invoices of sale and business related purchase receipts. These records must typically be kept for 5 years.
  2. We will only help you claim GST credits for business purchases that include GST in the sale price from suppliers that are registered for GST.
  3. Make sure you have a tax invoice for any purchases over $82.50 (As required by Australian Business Tax Law)
  4. Speak to Access Tax and Accounting about your BAS and GST obligations for your business.
  5.  If you think you might not be able to pay your business’ GST obligations, contact us as soon as possible before your BAS is due. You must lodge your BAS on time for your business, even if you are unable to pay.

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New tax reporting for cleaners and couriers

If you provide any cleaning or courier services you need to lodge a Taxable payments annual report (TPAR) to tell us about payments you make to contractors.

Contractors can include:

  • subcontractors
  • consultants
  • independent contractors.

What do you need to do?

If your business provides cleaning or courier services make sure you keep records about the payments you make to contractors for cleaning or courier services they provide on your behalf, including:

  • their ABN, where known
  • their name and address
  • the total amounts you paid them during the financial year (including any GST).

This information is generally available on the invoices you should receive from your contractors for payment.

Your first TPAR will need to be lodged by 28 August 2019 for payments made to contractors between 1 July 2018 and 30 June 2019. Information about how to lodge is available on our website.

Talk to us about managing your business tax today.

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