B A S

del1972 replied:

BAS is only as hard as you really want it to be. I got used to doing my BAS as soon as the cutoff date was, the sooner I got it in the better I felt. Are you still talking about the December one or the next one in March? You could always opt for reporting once a year, if that could help you.

Del1972

ExMember148 replied:

No  December,  I was so good, doing them spot on, then they gave this long date!!!!!Arrrghhh

Not once a year, i wouldnt' be able to jump over the paper work!!! LOL 

I am still getting my head around what is and what isn't GST etc.  I think I have to take a course somewhere!!

ticvb replied:

What do you mean what is and isn't GST???

Most people here would be using he cash accounting system, so basically any business expenses each BAS Period, and all income each BAS Period, makes up your income and expense on your BAS.  Although it is an expense, something like Quickbooks or Cashflow Manager are great tools, and as long as all info is input into it, it will spit out your figures for the BAS with little effort.

MJ78 replied:

you know you only have to put in a bas statement if you are claiming gst, which means your business is making over $50 000 per year. just thought I would put that in, as I know I definitely don't make that much on party plan. although if your talking about a business you own, then yes you probably are. too make that much money would be bliss doing what I am doing, as I love it so much.

marina replied:

 Get yourself a free download from ATO - the ETAX program.

Input your sales and your bonus commission cheques in receipt column

input your expenses in your payments column.

GST is included in my sales and commissions so I tick the GST box

Some expenses are gst and some are not. the way you know is by looking at the invoice. receipt.

it is then up to you to tick the gst or no gst box.

the computer works out the gst refund or payable automatically and even gives a summary for the accountant at the end of financial year.

it is the best program for me and such a cinch.

if you have any questions or i can help please ask me. I am an accountant and can help you.

kindest regards

marina

ticvb replied:

Marina (as an accountant) you may be able to confirm this, but my understanding is that you need to be registered for GST once you have TURNOVER of $50K, not a profit of $50K - there are lots of small businesses that have turnover of less than $100,000 (and profit of less than 50K), but are still required to be registered for GST.

marina replied:

To register for GST it has to be Gross Turnover of $50,000.

I hope this helps

any other accounting questions please ask along.

cheers

marina

ExMember148 replied:

It was a simple even if somewhat blase, statement of what is and what isn't, it wasn't meant to be taken as bible.

Thanks Marina, I will remember your offer.  Though a good friend of mine is an accountant too and she is always offering to help.  I feel guilty abusing the friendship like that.  I think it is time I started to leave the books to the professionals.  You can only go so far and when you do own your own business there is so much to be done, you really can't do it all yourself.