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BAS Lodgment

Lodging a BAS form to the ATO is a task that all businesses in Australia need to undertake in order to operate. You must report GST, PAYG, and FBT (Fringe Benefit Tax). This is all fairly straightforward, as long as you have a good bookkeeping system. At Chiu Consulting we educate our clients on how to improve their current bookkeeping system, which ensures the BAS is 100% accurate. We鈥檙e not bookkeepers, but it鈥檚 in our and your best interest to teach you how to maintain a high quality bookkeeping system.

It is a common occurrence for people to overlook their BAS due date, and in doing so a small business can receive a fine of up to $110 per day, for 28 days 鈥 up to $550 in total. Large businesses can owe up to $550 per day, for up to 28 days, with a maximum fine of $2,750 being owed.

At Chiu Consulting we鈥檒l make sure all of the input tax credit you are entitled to claim can be used to offset and reduce your GST liability. This is a task that many businesses do not perform properly. Put simply, this is money lost.

We will also review your business income to make sure you only pay GST on income that is subject to Australian GST regulations. For example, any export of a service or product to another country may be GST-free.

Many businesses overlook the fact that some medical supplies are not subject to GST. A good example of this is various mattress and pillow providers whose products benefit a user鈥檚 health. These items can often be purchased GST-free.

Don鈥檛 risk a fine for late BAS submission, an inaccurate statement, or miss out on input tax credits you could be claiming to reduce your GST liability. Come and see Chiu Consulting and we鈥檒l make sure your BAS is completed on time, and working at its optimum level of performance.