Stay up to date.
Regular reporting to the tax office is actually a good business discipline.
ABS will ensure that your business reports regularly, on time, and can testify to its accounts.
Submitting your business activity statements is an important part of the monthly process to reconcile your cash position, understand your cash flows, reflect on performance and plan your future investment strategies.
The better you invest some time in this area, the more you will be at ease with the knowledge that there are no ugly problems that have slipped by on the wayside.
Staying on top of tax and compliance is sound business sense. Keep you business solid by putting a little bit of effort each week into this part.
There are different methods for accounting on your results, from a BAS perspective.
The simple method is a cash basis.
A more advanced approach is an accruals based method. But this doesn’t suit all situations, it incurs more costs and is more suited to medium-large businesses who have the advantage of experienced finance departments.
Most small businesses will use a cash basis, to minimise and simplify their reporting requirements. This might be monthly, or quarterly.
ABS will simplify the approach, to reduce your costs.