GST Advice
& BAS Preparation
Get professional GST advice and BAS preparation services for
your business.
Accurate GST advice: ensuring financial and legal compliance for your business
Accurate GST advice is so important for businesses to comply with tax regulations and avoid financial and legal consequences. Our experienced team offers you expert guidance to help you navigate the complexities of GST and ensure your business remains compliant.
Efficient BAS preparation for maximum compliance and returns
At Aifos Accounting, we specialise in preparing and lodging Business Activity Statements (BAS) to ensure compliance and maximised tax returns. We have the expertise and knowledge to navigate the complex tax regulations and help your business meet its obligations.
Compliance assistance
We assist businesses in preparing and lodging your BAS accurately and on time.
No overpaying
Our expert team accurately prepares your BAS to ensure you pay the right amount.
Save time, avoid penalties, and ensure accuracy with professional GST advice
When it comes to GST advice, having a seasoned professional on your side can offer you massive benefits. Our experienced team will help you navigate the complexities of GST regulations, saving you time, avoiding penalties, and ensuring accuracy in your financial records.
GST, or Goods and Services Tax, is a value-added tax levied on most goods and services sold for domestic consumption. The tax is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. Basically, GST provides revenue for the government and includes multiple stages of production, making it a multi-stage tax.
Business Activity Statements (BAS) are typically due quarterly, though some businesses may qualify for monthly or annual reporting depending on their turnover and other factors. Generally, the due dates for quarterly reporting are:
- Q1 (July–September): Due by October 28
- Q2 (October–December): Due by February 28
- Q3 (January–March): Due by April 28
- Q4 (April–June): Due by July 28
For monthly filers, BAS is due on the 21st day of the month following the end of the taxable period. It's important to consult a tax professional to confirm specific due dates for your business.
To prepare your BAS accurately:
- Keep accurate records: Maintain detailed records of all sales, purchases, and other transactions.
- Understand GST requirements: Determine which of your sales are taxable and ensure you charge the correct rate of GST.
- Calculate GST: Sum up the GST you've collected from sales and the GST you've paid on purchases to determine your net GST liability or credit.
- Use accounting software: Using accounting software can allow you to compile these figures automatically from your financial transactions.
- Consult a Professional: Especially when starting out, it's advisable to work with a professional bookkeeper or accountant to ensure your BAS is prepared correctly.
GST credits, often referred to as input tax credits, are a return of the GST you pay on business expenses and purchases. You can claim these credits on your BAS if you are registered for GST and the purchases relate directly to the sale of taxable goods or services in your business.
Registration for GST is mandatory once your business' annual turnover meets or exceeds $75,000. You may choose to register for GST even if your turnover is below this threshold if it suits your business model. If you’re uncertain about your registration requirements, it’s a good idea to consult with a tax professional.
Take your business further with Aifos Accounting
We’re here for you and your business. Book your free 30-minute consultation to get started on your way to taking your business further.
