As we approach the ‘silly season’ many small business owners are busy tackling the day-to-day tasks that come with running a business. Lodging your BAS on time, not only fulfils your obligations, it can also be beneficial to your business.
How your business is trackingLodging your BAS on time, every quarter, provides you with a snapshot of your business financial position. From quarter to quarter you will be able to track your business performance & growth. Also you have the added advantage of any discussions with your financial advisers will be on the most up-to-date details of your business.
Avoid late penaltiesIf you don’t lodge your BAS on time with the ATO you may be subjected to a failure to lodge penalty. The fines can vary in amounts & can be higher if you have poor lodgement history. By lodging your BAS on time, your business will avoid any late penalties.
Keep a good lodgement historyIf you find yourself in a situation that may require a deferral of payment or if you need to organise s payment arrangement, a good lodgement history will give you an advantage. Lodging your BAS on time means that you maintain a good lodgement history with the ATO.
You will have time to organize a payment arrangementThe ATO understands that debt can be a temporary unforseen problem or a cashflow problem, caused by personal circumstances or a short-term downturn. To help, the ATO offers assistance to small business experiencing financial difficulties by offering them the option of a payment arrangement.
In some cases the ATO offers payment arrangements for activity statement debt, free of general interest charge for up to 12 months. These payment arrangements are aimed at providing assistance to small business that have a good lodgement history, but are experiencing short-term financial difficulty.
To find out more about ATO assistance visit www.ato.gov.au/debt or contact the ATO on 13 28 66
More time to focus on running your businessThe ATO are aware that small business owners have many things drawing their attention. By lodging on time you can direct your attention back to your business.
Remember, even if you cannot pay on time, you still need to lodge your activity statements by:
28 October, 28 February, 28 April & 28 July each year