As a small business owner, tackling the day to day running of your business, it is important to remember that your next quarterly Business Activity Statement (BAS) is only around the corner. Lodging your BAS on time not only fulfils one of your obligations to the ATO, but it can also be beneficial to your business in many ways, such as:
1. You avoid late penalties
If you lodge your BAS after the due date you may be subject to a failure to lodge penalty from the ATO. The fines can vary in amounts and can be higher if you have a poor lodgment history.
2. You can see how your business is progressing
By lodging your BAS on time every quarter, you are provided with a snapshot of your business’ financial position. From quarter to quarter you can accurately track your business performance and growth.
3. You’ll have time to organise a payment arrangement
The ATO understands that debt is often a temporary problem for businesses caused by unforeseen personal circumstances or short-term downturn. To help, the ATO offers assistance to small businesses experiencing financial difficulties by offering them the option of a payment arrangement under certain circumstances.
4. Keep a good lodgment history
If you find yourself in a situation that may require a deferral of payment, or if you need to organize a payment arrangement, a good history will you give you an advantage. Lodging your BAS on time means that you maintain a good lodgment history with the ATO.
5. You will have more time to focus on running your own business
By lodging your BAS on time, you will have more time to focus on running your business. Remember, even if you can not pay on time, you still need to lodge your activity statement on time or you may be charged penalties and interest.
If you need assistance with your BAS or any other bookkeeping needs, our experienced team of accountants can help. Submit an online enquiry or call us on 1300 QUINNS (1300 784 667) to arrange an appointment.
Great benefits of lodging your time.