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Frequently Asked Question

Q

 

What if I already have an Accountant?

A

 

Many clients who allow us to work during the year use their Accountant for FYE tax stuff. This usually delivers the best value for money for our clients.


Q

 

What are the benefits of this service?

A

 

This service enables you to save time and money, and also saves you from stress. We achieve this by helping you to:

 

  • Prepare and lodge your BAS return on time;
  • Maximise Your eligible BAS and Tax Deductions with our eligible expenses checklist;
  • Answer any questions you have; and
  • Make it simple for your Accountant to complete your tax at year end.

Q

 

What is the difference between your Monthly and Quarterly BAS packages?

A

 

With both services we prepare and lodge your BAS return. With the Monthly package we help you to set up and simplify your whole finances, as well as maximise your BAS and tax deductions. If you follow the system, things will be simpler and your accountant’s fees will probably be less come tax time.


Q

 

Can you help with Tax planning and/or returns?

A

 

Unfortunately, we don’t do that work. However we have a select number of tax agents that we recommend to you, based on your situation.


Q

 

Do you help clients with more than just preparing and lodging their BAS return?

A

 

Yes, we also provide full bookkeeping packages. Read more here:
http://smallbusinessauthority.com.au/small-business-bookkeeping/


Q

 

I don’t want to have to think about all this finance stuff this, can you help me?

A

 

Yes, That’s exactly what our Monthly Package is designed for. After a small amount of set up, all you need to do is bill your clients and make sure all your transactions go through your business bank account. Read more here:
http://smallbusinessauthority.com.au/proactive-bas-finance-package


Q

 

What are the penalties if I’m late or make a mistake in my BAS?

A

 

The penalty for late lodgement can be $170 for every 28 days late. The penalty for understating your BAS payment depends on the understatement, but can be significant.


Q

 

Can i do my BAS myself or ask a trusted friend or relative to do it for me?

A

 

If you are confident that they know all the tax office requirements, will maximise your deductions and get the job done properly and on time, then by all means do so.


Q

 

I haven’t made any sales yet or started trading, what should I do?

A

 

Even if you don’t make any sales, you still need to lodge a BAS return. You will be in one of two situations:
i) if you haven’t incurred any expenses, you need to lodge a NIL or ZERO return.
ii) If you’ve incurred expenses, you can include these in your GST return and claim back the amount of the GST included in those expenses.


Q

 

I need help with my BAS, how do I know what I can claim?

A

 

Check out our Eligible Expenses Checklist – it would be helpful to you in this situation.


Q

 

What information do you need me to send?

A

 

If you have no employees, we just need your sales and purchase figures.


Q

 

Do you have something that I can fill in at BAS time?

A

 

Yes. We will send you the online link; simply upload your figures from there.