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James Millar
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80% of our small business clients prepare and lodge their own BAS – generally with the help of a qualified bookkeeper. Unless your business has transactions with more complex GST issues (imports, exports, medical services, property developers, second hand goods traders) then you should be fine to complete yourself. The most important data to report precisely on the BAS are those items relating to the actual liability. ie GST collected, GST paid, PAYG withholding, PAYG instalments. If you make a minor error with a disclosure label item it will not effect the liability so you will not be subject to any shortfall penalties.

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900