So it’s BAS day for any of you that lodge monthly (here in Australia).
What do you prefer, monthly or every 3 months? I always suggest monthly, as catching up on 1 months paperwork is so much easier than 3 months!!! That is if you haven’t got Smart Systems in place to make sure you are never behind again.
Seriously you would be amazed at how many small businesses are out there and behind on their BAS. It can be draining and time consuming if your bookkeeping systems are not up to scratch.
People have been known to be years behind. Think of all the additional fines and interest that is added by the ATO for every late day – what a waste of your precious money.
It brings up the idea that the amount of paperwork that needs to be done by Small Business in Australia is just tooooo much. Could it be cut down? Absolutely. Will it be? Probably not – it seems our government have more pressing issues. Which breaks my heart considering that it’s Small – Medium Business that is the back bone of this country.
I know many a business owner that works 5 – 6 days a week in their business, then saves the nights or Sunday for getting their paperwork up to date and off to the bookkeeper or accountant. I could think of 100 things that they would be better off doing with their time. Then there are the business owners that do it all themselves, which usually makes it a last minute rush job – fingers crossed no mistakes.
Honestly, being compliant with both state and federal taxation is not that hard – with Smart Systems…..notice a theme. How would it change your life if you knew you would never be late again? Never have that leter from the Office Of State Revenue saying you are late with your Payroll Tax lodgement – that’s one that’s usually neglected by small business owners.
My last tip is to make sure that if you can’t get it done on time that you communicate with the right people. The ATO is actually ok to del