Some small businesses make simple mistakes; others just don’t provide the right information. Make sure your business is not caught out by completing your Business Activity Statement correctly.
Here are five easy lodgment tips to help businesses save time and get their business activity statement right the first time round;
- Lodge all your outstanding activity statements. The tax office cannot process refunds until all of a business’s lodgments are up to date.
- Make sure the ATO has your business’s latest financial institution details. Without this information, any refunds due to you will not be issued.
- Leave your paper statements behind and being lodging online. If your business is already lodging online, don’t send a paper copy to the ATO as this can cause delays in processing.
- Double check all the amounts you have filled in. That is, make sure the right amounts are under the right labels, you have transferred amounts correctly to the summary section and all your additions are correct.
- Fill in the contact number and name of the person who completed the BAS. Doing so helps the ATO check any small details quickly and easily over the phone. Also, don’t forget to update your authorised contacts list. If there are any problems, the ATO will need to speak with an authorised contact.