Tax return season, for most businesses operating in Victoria are but part and parcel of the calendar year. Some may find it a more hectic period to manage, especially with how the pandemic has affected different operations in unique ways. While plenty have found reasonable ways to manage despite these effects, other proprietors may have turned up with more claims made from their employees, to do with work from home supplements or additional claimable resources to list. Regardless of the specific way your operations have seen a change over the pandemic, it’s always prudent to consult with a registered agent to see how this might affect your company, when it comes to filing your business activity statement.
You already know that it’s an obligation for you to file your business activity statement for the year, if you’ve registered for GST. However, new business owners may find themselves requiring a bit of support when it comes to understanding such a requirement. Needless to say, our tax agent at Tax Purpose specialises in assisting start-ups and businesses with their ongoing bookkeeping. This is certainly inclusive of ensuring a stress-free and effective time, whenever you need to meet your obligations to the ATO. If you’ve started to consider what requirements they have when it comes to lodging your company business activity statement, read on to consider the pointers we have to share.
Do You Report Quarterly or Monthly?
Like running a business, timing is everything when it comes to lodging your company tax return. We always recommend that our clients lodge their business activity statements on time, and this will understandably depend on whether their business reports their activities on a quarterly, or monthly basis. For businesses that report every quarter (i.e. 1 Jan – 31 March) it might help to know that your due date for submission will vary, depending on whether you appoint an agent to lodge your tax return, or are self-lodging. In general, this provides an allowance of around 1 additional month before your lodgement is due.
Be Sure to Be Thorough if You Are Self-Lodging
We understand how some business owners might prefer to handle their own lodgement of business activity statements. However, we are never too busy to provide an obligation-free consultation at Tax Purpose. Considering the meticulousness often required of businesses by the ATO, it would help for you to consider the following:
- Ensure your bank transactions are allocated to correct accounts
- Verify your balances match up in any accounting software you use
- Keep proper bookkeeping with your invoices and receipts
- Ensure you have paperwork for assets purchased or any new financial arrangements, among others.
Tax Purpose Is Always Ready to Help With Your Ongoing Bookkeeping
Whether you’d like our assistance on your ongoing bookkeeping during a busy period, or if you need to consult with our tax agent to ensure your business activity statement is lodged on time, Tax Purpose can assist. Simply give our offices a call on 03 8839 6062 to know more about what we can do to support your organisation today.