If you're just starting out, we can help you decide whether you need to be GST registered from the outset or not. As well, we will continue to monitor your situation, so that should it become obligatory for you to register for GST, we can deal with all of the paperwork for you. In contrast, we will also monitor your position for when we think you are able to and would benefit from deregistering.
Whether a new or existing business, we will also look at the GST schemes you are eligible for and establish whether you would be better off adopting one or a mixture of them. Some GST schemes can lead to tax savings and a reduction in bookkeeping responsibilities.
Your local TaxAssist Accountant can prepare your BAS Return; either from your own bookkeeping records or we can take care of your record keeping and the BAS Return. And we will try to ensure that you claim as much GST as possible; particularly on contentious items such as mixed-use expenditure and motor running costs.
As with other areas of tax, we can act as your Agent for GST purposes and, therefore, correspond with the Australian Taxation Office (ATO) or your behalf. Paper BAS Returns are pretty scarce now but our software also allows us to lodge your GST returns online with ATO.
Needless to say, late GST registration, errors, late BAS Returns and late GST payments can all lead to penalties and possibly interest being charged. So, allowing your TaxAssist Accountant to take care of your GST affairs, not only gives you peace of mind, but it should also avoid you wasting your hard-earned cash on penalties and interest.