Don't stress about your Overdue BAS Statement or BAS Return. Give it to us!
We'll get you up-to date quickly and keep you that way.
Wait, what is a BAS (Business Activity Statement) ?
A BAS is an essential part of doing business in Australia. Click on this link to see what the ATO says about it here.
Once you gross $75,000 in your business annually, you need to claim GST on your goods and services, as applicable. Then that money needs to be forwarded on to the ATO.
Your BAS is how you lodge how much GST you owe.
It is also used for your PAYG installments.
Each quarter you need to lodge your BAS to stay compliant with ATO requirements. In addition to being above board, it also lets you see how your business is going. How much did you gross, net, etc.
It actually helps you keep your business in good running order. Much easier (and better!) to make corrections in your business Quarterly if you are leaking money, than letting it go for the whole year!
Bookkeeping Clients Have at least one Overdue Business Activity Statement
Don't feel bad. You're ‘normal'.
You are a brilliant and competent business owners. An expert it your field. You are not a bookkeeper (and that's a good thing). ANY business owner can get behind in their bookkeeping and end up with an overdue BAS statement.
In fact, 90% of our new bookkeeping clients have at least ONE overdue BAS when they first start working with us. As a result, you're not alone.
So how did you get an overdue BAS in the first place?
Did you let an inexperienced person do your books? It's possible that the inexperienced person who messed was you. Don't worry, it happens a lot more than you think.
Did you get so busy running the business that you simply forgot? Therefore you now have an overdue BAS statement (or two). It's ok, we can speak to the ATO for you, and bring you up-to-date.
New Clients With An Overdue BAS
What is a BAS, and how can I use it to make my business better?
Click here >>> for more insight on What is a BAS?
Basically, the preparation of your BAS (Business Activity Statement) will help to show what health your business is in. What is working well, what is working in a okay sense, and what is not working well at all….
With that knowledge, you can then address these issues.
So not only is an Overdue BAS Statement something you don't want because of the negative reasons; fines, etc. But you want to leverage your BAS Statements to strengthen your business, and gain insight as to how it is all going. There are positive reasons for doing your BAS on time.
Are you making the most of your BAS preparation?
What Does An Overdue BAS Cost You & Your Business?
Many business owners know they need to lodge but they put it off because they know they haven't put aside funds to make the payment. Often it's the worrying about how much GST is actually owed that leads to procrastinating.
When new clients come to us, often they are worrying about getting a failure to lodge on time penalty from the Australian Taxation Office (ATO), or being charged interest. And often they are also concerned about how much they are going to have to pay a bookkeeper or accountant (in fees) to fix it.
When your BAS is overdue, the worst thing you can do is worry and put it off even longer. As you wait your bookkeeping is getting more-and-more behind meaning there will be a FAR bigger costs than simply financial. Here's a few of the symptoms, issues, causes and costs of overdue BAS statements, or getting behind in your bookkeeping.
- Awake at night thinking about overdue BAS.
- Worrying about how much you owe ATO.
- Procrastinating about getting started.
- Feeling anxious in your business.
- 3+ months behind in your bookkeeping.
- 1+ overdue BAS statement or tax return.
- Xero balances don't seem right.
- Paid bills listed as unpaid.
- Not sure who owes you money.
- Don't know where to start.
- Inexperienced person doing you bookkeeping.
- No proper systems for paperwork & transactions.
- Data file set up wrong.
- No time to spend on your bookkeeping.
- Too busy that you forgot.
- Not aware of the lodgement due dates.
- Fairwork or ATO fines.
- Having to lodge amendments.
- Making decisions based on incorrect figures.
- Bankruptcy and legal action.
- Stress and anxiety.
- Distraction from more important things.
These are headaches you can do without!
Did you know that BAS Agents get concessions from the ATO?
BAS Agents are an important part of keeping Australia running well, the ATO gives concessions to them. For instance; extra time to lodge BAS returns. Great news!
And we are BAS Agents here at Off The Hook Bookkeeping! As a result, if you get us to lodge your BAS, you effectively get access to that extra time we are entitled to. That sounds like the help some small business owners could need.
The Good News About Your Overdue GST Return
There is good news at the end of the day when it comes to overdue BAS return. And that is: our competent, and professional team can fix up your accounts, get everything up to date, set you up with an electronic filing system so you can easily send us your receipts and invoices.
We can even speak to the ATO for you, arrange a payment plan (if needed) and we can also help you to know what to put aside in regular savings to make sure it doesn't happen again.
Thank you for your time, and have a lovely day!