Tips to help with your BAS during COVID

• Business News
• Tax

Like many small businesses that continue to be affected by COVID, you may be having trouble meeting your business activity statement (BAS) lodgment obligations (if you lodge your BAS quarterly, it’s due on 28 February).

If that is the case, these four recommendations supplied by the Australian Taxation Office can help with your BAS and payment management during the pandemic:

TIP 1: Even if you have nothing to report, you still need to lodge your BAS as ‘nil’.

TIP 2: Lodge online and you may receive an extra 2 weeks to lodge and pay.

TIP 3: If you’re reporting and paying pay as you go (PAYG) instalments, you may be able to vary the amount or rate for the current income year. Business income reduced? You can lodge a variation on your next BAS or instalment notice.

TIP 4: If you can’t pay in full, it’s important to lodge on time and pay what you can. Once you lodge and have up-to date records, we can help you understand your tax position and find you the best support. If you can’t pay in full, help is available.

If you’re closing or selling your business, you need to cancel your GST registration. Remember to complete your lodgment and payment obligations before you cancel your GST registration.

Your BAS is lodged through a registered tax or BAS agent.

Information supplied from the Australian Taxation Office website

Need Help with Paying?

If you’re unable to pay on time, you may be able to set up a payment plan to pay by instalments.

Remember, you still need to lodge your activity statements and tax returns on time, even if you can’t pay by the due date. This will show the ATO you’re aware of your obligations and doing your best to meet them.

To find out more on setting up a payment plan for your business, click HERE.

Find out more

Elevate Accounting look to the future of your business. The experienced team are registered tax agents who offer advice when it counts in order to maximise performance. Furthermore, proactive advice is the best way to ensure that your liability is reduced.

Most noteworthy, Elevate Accounting understand it’s critical for businesses to comply with their monthly, quarterly, and annual lodgments, so can help manage these requirements.

Elevate Accounting tax services include:

• Lodgments
• Planning & Reduction
• Managing ATO Problems

To discuss payment plans and lodgment details for your business, call Elevate on 08 9460 1040. Book your obligation free chat HERE.