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As a business owner in Australia, one of your key responsibilities is making sure you stay compliant with your Business Activity Statement (BAS) and Goods and Services Tax (GST) obligations. This means lodging your BAS return and paying any GST you owe every quarter.

First, let’s be honest – staying on top of your obligations may not be the most exciting part of running a business. But it’s absolutely crucial. Getting it wrong can lead to penalties, interest charges, and a lot of headaches down the line.

However, the good news is that having an outsourced bookkeeping team in your corner can take the hassle out of your quarterly lodgments and keep you confidently compliant.

Understanding Your BAS (GST) Obligations

To start with, you must lodge a BAS return and pay any GST owed to the Australian Taxation Office (ATO) every quarter. The specific due dates are:

• Quarter 1 (July – September): Due 28 October
• Quarter 2 (October – December): Due 28 February
• Quarter 3 (January – March): Due 28 April
• Quarter 4 (April – June): Due 28 July

Additionally, depending on your business’s turnover, you may need to lodge monthly instead of quarterly. Your outsourced bookkeepers can make sure you’re meeting the right schedule.

How Outsourced Bookkeepers Can Help

When you work with an experienced bookkeeping provider, they can handle all the details of your quarterly BAS (GST) compliance, including:

• Tracking your sales, purchases, and GST figures
• Preparing and lodging your BAS return electronically
• Ensuring you pay any GST owed by the deadlines
• Maintaining detailed records to support your lodgments
• Advising you on changes to your BAS (GST) obligations

This end-to-end support takes so much stress off your plate. Instead of worrying about the complexities, you can focus on growing your business while your bookkeepers handle the details.

Automatic 1 Month Extensions

Lodgments with Registered BAS Agents get an automatic 1-month extension for the following reasons:

1. Registered BAS Agents:
   • BAS agents are tax professionals who are registered with the Tax Practitioners Board to prepare and lodge BAS forms on behalf of their clients.
   • Registered BAS agents have a thorough understanding of the BAS requirements and the Australian taxation system.
2. Automatic 1 Month Extension:
   • Businesses that lodge their BAS through a registered BAS agent are granted an automatic 1-month extension beyond the standard lodgment due date.
   • This extension provides additional time for the BAS agent to gather all the necessary information, calculate the correct amounts, and lodge the BAS on behalf of the client.

The key benefits of this automatic 1-month extension for businesses that use a registered BAS agent include:

• Compliance: It allows businesses to meet their BAS lodgment obligations without the risk of incurring late lodgment penalties.
• Accuracy: The BAS agent’s expertise helps ensure the BAS is prepared and lodged correctly, reducing the risk of errors or adjustments.
• Convenience: Businesses can rely on their BAS agent to handle the BAS lodgment process, freeing up their own time and resources.

It’s important to note that the automatic 1-month extension applies only to businesses that use a registered BAS agent. Businesses that lodge their BAS directly with the Australian Taxation Office (ATO) are still required to meet the standard lodgment due dates.

Staying Compliant and Avoiding Penalties

To remain fully compliant, it’s critical that you:

• Lodge your return and pay on time
• Keep thorough records of your figures
• Notify the ATO of any business changes
• Respond promptly to ATO requests

If you fail to meet your obligations, you could face penalties and legal issues. But working with outsourced bookkeepers can help you avoid these costly compliance problems.

In the Long Run

Ultimately, quarterly lodgments don’t have to be a headache. By partnering with an experienced bookkeeping provider, you can take the hassle out of staying compliant, so you can focus on driving your business forward.

Your outsourced bookkeepers will make sure your quarterly obligations are handled seamlessly, your records are pristine, and you remain firmly in good standing with the ATO. That’s peace of mind you simply can’t put a price on.