Time is crucial in any small business. More time means more money! If you’re looking for some ways to save time in your business, then consider lodging your Business Activity Statement (BAS) once a year.
Lodging an annual Business Activity Statement is not for everyone. But for those that qualify it is a great time saver. It can also be a great money saver if you are paying your accountant to lodge your BAS every quarter. To qualify for lodging an annual BAS you need to meet the following criteria:
– Have a turnover of less than $75,000, and have registered for GST voluntarily.
– You do not have employees that you are required to withhold PAYG wages tax.
Once you determine your eligibility, there are rules on when you can make your election to swap from a quarterly or monthly BAS to a yearly BAS. This will depend on your current GST reporting periods.
For details on what you need to do next, Download the following handout from the Australian Taxation Office. Your accountant can also provide further information and help you register if you decide an annual BAS is for you.
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