Business Reporting for the ATO

Posted on April 10, 2018 by ATB Chartered Accountants

As a business, you’ll need to provide various financial and tax reports to the Australian Tax Office (ATO). Fortunately most of your business reporting can be done online and ATB Chartered Accountants can help you set up your accounting systems to allow online reporting of your information direct to the ATO.

A couple of the key reports you should be aware of are the Business Activity Statement (BAS) and the Income Tax Return. You may also need to lodge other yearly reports or returns if you are registered for other tax types.

Business Activity Statement (BAS)

If you are a business registered for GST, you’ll need to lodge a BAS.

Your BAS will help you report:
○ GST (if you’re registered for GST)
○ any tax you withhold from employees’ pay
○ instalments towards your own tax once you are in the pay as you go (PAYG) instalments system.

How will I know when to lodge my BAS?

When you register for an Australian business number (ABN) and GST, the ATO will send you either paper or electronic BAS forms to complete.

Even though the ATO will send you a notification of when to lodge, as a business owner you need to be aware of your reporting obligations and ensure that you lodge your foms on time. The ATO will not accept a lack of notification as a reason for late lodgement. If you are late in lodging your forms, you may be fined.

ATB Chartered Accountants can help you set up your processes and ensure that your systems are ready to lodge so that you don’t miss your deadlines.

Using Cloud-based Accounting Software for BAS

Cloud-based accounting software makes lodging your BAS so simple, all your information is stored in the cloud and reports can be produced in real-time and lodged online with the ATO.

ATB client, Ty Wiggins of Converge Consulting uses Xero Cloud Accounting software for his business accounts and says ‘Early on in our relationship, ATB identified we weren’t claiming the right amount in our quarterly BAS reporting…we were able to uncover a significant return in the first quarter. It meant a great deal.’

Income Tax Returns

You need to lodge an income tax return each year to report your business income and claim deductions. Using cloud-based software will reduce the need for manual data entry and will ensure reports are real-time and accurate.

ATB Chartered Accountants are experienced tax accountants and were one of the first tax accountants in the country to go paperless more than 20 years ago.

Quick and easy to use

If you’ve set up your accounting software correctly, it’s quick and easy to use. ATB can help to set up your accounting system properly and can migrate data from your existing system into the cloud-based software you’ve chosen.

Once it’s all set up, ATB can provide training and support you to ensure that you are using the system to its fullest potential.

Easy to access

Because it runs through your browser, any computer with an internet connection can gain access from anywhere in the world.

ATB provide ongoing support and assistance from our office, meaning you can continue working without interruption or delays.

Ready to start?

Contact ATB Chartered Accountants now to get your business reports lodged online, easily and quickly.