Top tips to help complete your BAS

If you lodge your business activity statement (BAS) quarterly, it's due on 28 July.

Here are our top tips to help you complete your BAS this quarter.

• Lodge online. It’s quick, easy and secure and you may receive an extra 2 weeks to lodge and pay.

• Use the ATOs online services to lodge and you’ll get reminder messages as you complete your BAS, to help you get it right and avoid errors.

• Fuel tax credit rates changed from 30 March 2022. Use the fuel tax credit calculator to correctly calculate your claim.

• Even if you have nothing to report, you still need to lodge your BAS as ‘nil’. The easiest and fastest way to lodge is online. Simply select ‘Prepare’, then the ‘Prepare as nil’ option on your BAS form, and you won’t need to fill in each label with a zero. You can also lodge a ‘nil’ BAS by phoning the ATO on 13 72 26. This is an automated service and you can call anytime (24 hours a day, 7 days a week). You will need to have your BAS document identification number handy.

• If you or your business are impacted by the recent floods in Queensland and New South Wales and are having difficulty meeting your tax obligations, get in touch with us or your tax professional to discuss the support options available.

Remember, your BAS can be lodged through a registered tax or BAS agent. If you have any questions or need assistance lodging your BAS with the ATO, contact us on 6260 4994 today. 

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Source: ato.gov.au April 2022
Reproduced with the permission of the Australian Tax Office. This article was originally published on https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/Top-tips-to-help-complete-your-BAS/.

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