BAS and GST Advice For Your Business
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:
- 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.
- 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.
- Make sure you have a tax invoice for any purchases over $82.50 (As required by Australian Business Tax Law)
- Speak to Access Tax and Accounting about your BAS and GST obligations for your business.
- 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.