It’s BAS time and I thought I would share with you my BAS preparation process in the hope that it might help yours become more streamlined and less chaotic. Everyone does things differently, so there is certainly no wrong or right way.
BAS & GST
Did you know that the ATO have a very elaborate data matching thing happening?
The mere mention of the word Business Activity Statement (BAS) is enough to make many business owners break out in a sweat. Even more stressful than that, is having to come up with the cash to pay the BAS! The stress associated with BAS time can be more easily managed when you fully understand what […]
Similarly, with the process that you followed last week of reviewing income accounts, you need to ensure that expense figures on your Profit & Loss Statements are accurate. It is these expenses that you are claiming a tax deduction for, so if you have items on the Profit & Loss Statement that are not tax […]
It goes without saying that the income figures on your Profit & Loss Statements need to be accurate. It is this income that you will pay tax on, so if you have items on the Profit & Loss Statement that are not income, then they need to be allocated somewhere else. If you are unsure, […]