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Common Mistakes businesses make on their BAS

By on April 30, 2015 in Australian Tax Office Updates

Common Mistakes businesses make on their BAS

To help you get your BAS right the first time, the ATO have identified common GST mistakes made by small businesses.

By avoiding common mistakes, you’ll save time and money and help ensure your refund is processed quickly.

Here’s a list of things to look for before you lodge your next BAS:

  • check that your purchases and sales are reported in the correct tax period
  • leave boxes blank if they don’t apply to you; but if a box does apply and you have nothing to report use a ‘0’ check that you’ve entered your figures from your accounting records correctly
  • only claim GST credits for purchases made from businesses registered for GST
  • check your BAS before lodging, particularly that the amount calculated equals what you expect to pay or receive
  • lodge your activity statement even if you have nothing to report – you can phone the ATO on 13 72 26 and use the automated service to lodge a nil return.

Their online BAS system has built in checks to prompt you to correct simple mistakes and you could get an extra two weeks to lodge and pay if you lodge online.

 

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