Whether you lodge your BAS on a monthly or quarterly basis most businesses find it irritating. Not only do you have to stop working and devote resources to your non-core activities, typically you must also pay a tax liability after lodgement.
One of the bonuses of doing your BAS is that you will have up to date financial information as a result of calculating GST, PAYG Withholding, and / or PAYG Instalments. Businesses will then have the opportunity to review how they are performing.
As part of competing your BAS you should review your financial statements (profit and loss and balance sheet) to evaluate your businesses performance. If you have up to date financial statements you can produce some basic but important performance measurements to ensure your business is on track. You can also set goals to improve your business and review these on a quarterly or monthly basis as you complete your BAS.
If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com
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