Lodging tax returns can be stressful for business owners owing to the myriad of deadlines and compliance requirements set by the ATO. Whether you are a sole trader, or a small business owner in Perth, managing deadlines, accurate lodging, and timely paying of taxes is integral for business success. Getting in touch with a registered BAS Agent Perth can provide an accurate, streamlined, and stress free approach of dealing with such issues.

In this blog, we share expert tax season tips from a trusted BAS registered agent to assist you in organizing and avoiding common pitfalls.

1. Start Early, Not Last-Minute-Bas Agent Perth

One of the notable tax season blunders absurdly prevalent amongst business owners is chronic procrastination. It invariably results in incomplete filed documents and a chaotic business environment. 

BAS Agent Perth advises that organized checklists and proactive preparation a couple weeks before due dates tend to lessen stress. During this time frame, accumulated financial records tend to be evaluated alongside previously captured bank statements, ensuring no errors exist and all invoices are recorded. This approach provides room to mend discrepancies.

2. Organize All Your Receipts In One Folder For Each Month

You will prevent yourself so much work by consistently noting down your income and expenses. Skip the craziness of searching for all those papers by using accounting tools like MYOB, QuickBooks, or Xero to monitor your expenses and revenue.

Your agent can help you set up these tools and create a routine for weekly or monthly bookkeeping in Perth. This habit will save you hours of sorting paperwork later and make BAS lodgement much easier.

3. Know Your BAS Responsibilities- Bas agent Perth

Most Perth businessmen mix up BAS and tax returns. Although they are both lodged with the ATO, a BAS is particularly utilized for reporting and paying:

• Goods and Services Tax (GST)
• Pay As You Go (PAYG) withholding
• PAYG instalments
• Other taxes such as fuel tax credits or fringe benefits tax (FBT) if necessary

A registered bas agent can assist you in identifying which sections of the law apply to your business. Having such knowledge avoids incorrect lodgement and possible penalties.

4. Reconcile Your Accounts Monthly

Reconciliation monthly involves verifying bank transactions against your accounting records. Through this process, errors such as double entries, unrecorded receipts, or erroneous GST codes are identified.

Your agent will usually balance your accounts for you if you are using their services. But even if you’re doing your own bookkeeping in Perth, reconciling every month guarantees that your BAS reporting is complete and accurate.

5. Separate Business and Personal Expenses

It’s common for small business owners to blur the lines between business and personal spending, especially when starting out. However, this can lead to incorrect BAS reporting and potential ATO audits.

Always use a separate business bank account and credit card. Keep personal expenses out of your accounting system. If you do make a personal purchase with a business account, make sure it’s clearly recorded as a personal draw and excluded from GST reporting.

6. Don’t Ignore BAS Deadlines

Missing BAS deadlines can result in ATO penalties and interest charges. If you lodge your BAS quarterly, the standard due dates are:

• Quarter 1 (Jul–Sep): 28 October
• Quarter 2 (Oct–Dec): 28 February
• Quarter 3 (Jan–Mar): 28 April
• Quarter 4 (Apr–Jun): 28 July

However, if you use a registered BAS Agent Perth, you may be eligible for extended deadlines through the BAS Agent Lodgement Program. This can give you extra breathing room to lodge without penalty.

7. Use a Registered BAS Agent

There’s a big difference between a regular bookkeeper and a registered BAS agent. BAS agents are legally authorised to prepare and lodge your BAS with the ATO on your behalf. They are registered with the Tax Practitioners Board (TPB) and meet strict education and experience requirements.

A local BAS Agent Perth understands the needs of businesses in the area. They can also guide you with GST claims, payroll, superannuation, and correspondence with the ATO.

8. Claim GST Correctly

Claiming GST on purchases is a common area where business owners make errors. You can only claim GST if:

• The supplier is registered for GST
• You have a valid tax invoice
• The purchase was for business use

Don’t claim GST on personal expenses, and be cautious with mixed-use items like vehicles or mobile phones. Your BAS agent can help you apply the correct percentages and avoid over-claiming, which could trigger an ATO audit.

9. Prepare for ATO Reviews or Audits

The ATO often conducts reviews or audits to ensure businesses are lodging BAS accurately. If you’re selected, they may ask for supporting documents like invoices, receipts, and bank statements.

Working with a BAS agent ensures your books are audit-ready. Your agent can also communicate with the ATO on your behalf and help resolve any issues quickly.

10. Stay Informed About Tax Law Changes

Tax rules and GST thresholds can change each year. Staying up to date helps you stay compliant and take advantage of any benefits or updates.

A reliable bas agent services will keep you informed and apply new rules to your lodgements. This proactive approach ensures your business remains ATO-compliant year-round.

Final Thoughts

Tax season doesn’t have to be stressful. With the support of a trusted BAS Agent Perth, you can stay on top of your financial obligations, avoid costly mistakes, and focus on growing your business.

Whether you’re new to business or looking to improve your processes, partnering with a qualified agent is a smart move. Their guidance, local knowledge, and professional support make a big difference — not just during tax season, but all year round.

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