AS REMEMBERANCE Day approaches, small business operators need to consider a number of things as they prepare their Business Activity Statements.
AS REMEMBERANCE Day approaches, small business operators need to consider a number of things as they prepare their Business Activity Statements.
November 11 is the cut off date for the filing of quarterly BAS. The Australian Tax Office granted small business quarterly remitters an extension.
Fallon Group director Tony Ince said small business operators should look at their BAS sooner rather than later.
“If there are problems with their BAS, they should sort them out now,” Mr Ince said.
“Don’t bluff your way through. It could lead to problems later on, particularly if the ATO conducts an audit. Get it right from the beginning.”
Mr Ince said small business operators should talk to the ATO or their accountants to rectify problems.
“I think there will be a lot of people who will struggle,” he said.
“We’ve had a few problems crop up that we couldn’t answer.”
Small Business Development Corporation managing director George Etrelezis said small business owners had to consider timing.
November 11 is a Saturday, so forms will have to be with the ATO by the Friday.
“If the business is lodging their BAS by post, they need to make sure their form gets there in time,” Mr Etrelezis said.
“If they are lodging electronically, they need to allow for any log-jam that may occur on the Friday.
“Remitters don’t have to put cents in on the form – use whole dollars.
“If lodging on paper, use black pen and make sure corrections are clearly made.
“Complete all the sections. Don’t write N/A if the question doesn’t apply – leave it blank.
“If lodging on paper, practise on a photocopy first. Keep a copy of the form you submit.”
Mr Etrelezis said small business owners needed to realise they had to pay the ATO any money they owed on lodgement – they will not receive an invoice.
“Get a third party to check the form – at least the adding and subtracting side of it,” he said.
Retail Traders Association manager Brian Reynolds said his organisation was running a series of retail-specific interactive clinics dealing with completing the BAS; lay-bys, refunds and gift vouchers; GST record keeping; Pay As You Go issues; and, importantly, cashflow.
The seminars start in Kalgoorlie on October 16, move to Perth, Karratha, Albany, Bunbury, Broome and return to Perth on October 30.
“It’s all about cashflow. It’s probably the most important thing a business needs to consider,” Mr Reynolds said.
Mr Etrelezis said a lot of the cashflow implications, particularly for retailers, would be cushioned by the sales tax refunds many received.
“The next BAS is going to be a cashflow stinger,” he said.
Mr Reynolds said he was concerned with the attitude many small retailers were taking to the GST.
“The purpose of these seminars is to reinforce they need to approach the BAS as they approached the GST,” he said.
November 11 is the cut off date for the filing of quarterly BAS. The Australian Tax Office granted small business quarterly remitters an extension.
Fallon Group director Tony Ince said small business operators should look at their BAS sooner rather than later.
“If there are problems with their BAS, they should sort them out now,” Mr Ince said.
“Don’t bluff your way through. It could lead to problems later on, particularly if the ATO conducts an audit. Get it right from the beginning.”
Mr Ince said small business operators should talk to the ATO or their accountants to rectify problems.
“I think there will be a lot of people who will struggle,” he said.
“We’ve had a few problems crop up that we couldn’t answer.”
Small Business Development Corporation managing director George Etrelezis said small business owners had to consider timing.
November 11 is a Saturday, so forms will have to be with the ATO by the Friday.
“If the business is lodging their BAS by post, they need to make sure their form gets there in time,” Mr Etrelezis said.
“If they are lodging electronically, they need to allow for any log-jam that may occur on the Friday.
“Remitters don’t have to put cents in on the form – use whole dollars.
“If lodging on paper, use black pen and make sure corrections are clearly made.
“Complete all the sections. Don’t write N/A if the question doesn’t apply – leave it blank.
“If lodging on paper, practise on a photocopy first. Keep a copy of the form you submit.”
Mr Etrelezis said small business owners needed to realise they had to pay the ATO any money they owed on lodgement – they will not receive an invoice.
“Get a third party to check the form – at least the adding and subtracting side of it,” he said.
Retail Traders Association manager Brian Reynolds said his organisation was running a series of retail-specific interactive clinics dealing with completing the BAS; lay-bys, refunds and gift vouchers; GST record keeping; Pay As You Go issues; and, importantly, cashflow.
The seminars start in Kalgoorlie on October 16, move to Perth, Karratha, Albany, Bunbury, Broome and return to Perth on October 30.
“It’s all about cashflow. It’s probably the most important thing a business needs to consider,” Mr Reynolds said.
Mr Etrelezis said a lot of the cashflow implications, particularly for retailers, would be cushioned by the sales tax refunds many received.
“The next BAS is going to be a cashflow stinger,” he said.
Mr Reynolds said he was concerned with the attitude many small retailers were taking to the GST.
“The purpose of these seminars is to reinforce they need to approach the BAS as they approached the GST,” he said.
