Australian tax preparation experts, H&R Block Australia continue to support Australian small businesses by launching a unique offer for both new and existing SMB clientele.
Alongside their year-round availability for expert financial advice, H&R Block has announced that they are now offering Business Activity Statement (BAS) services from $99 only.
Though some make it look easy, entrepreneurship via a new small business can be anything but. In Australia, 60% of small businesses stop their operations within their first three years.
Financial mismanagement is responsible for 32% of Australian business failures.
H&R Block identified SMBs’ financial mistakes
- Failing to keep track of cash flow
- Putting bookkeeping off because there’s always something else to do
- Failing to engage with your tax or BAS agent and/or failing to engage with the ATO
- Failing to realise your business needs to register for GST
- Not getting professional help with your BAS
“Lack of cash flow is the leading business killer but there are simple ways to get on top of it.”
“The first step is to understand your tax obligations, and I recommend engaging a professional to do so”, advised H&R Block Australia‘s Director of Tax Communications, Mark Chapman.
H&R Block is on top of every tax development that can make or break a small business.
H&R Block can upskill and support businesses to control their cash flow with professional bookkeeping and BAS services, whilst helping to decode tax obligations and GST requirements.
“H&R Block Australia’s pioneering $99 BAS service represents a leap forward towards making BAS preparation available to small businesses at an accessible price point.”
“BAS is vital in meeting compliance requirements with the ATO and is a legal mandate.”
“The exercise of completing a BAS, alongside a professional, forces SMBs to focus on the financial side of the business, to grapple with sales, purchases and cash flow,” said Mark.
There are a plethora of services to ensure SMBs, start-ups and sole traders have financial reassurance, continue to upskill, and get the best possible outcome at tax time.
Small and medium businesses need trusted partners in the form of strong tax advisors.
The first quarter BAS due date is just around the corner. this deadline is a reminder that now is the time to take advantage of H&R Block Australia’s new BAS pricing from $99*.
Mark Chapman’s BAS tips and tricks for SMBs
Use a tax or BAS agent to complete your BAS
They make the process of lodging a BAS easier and you’ll also have more time to lodge.
Don’t bury your head in the sand
Keep your books and records up to date and the BAS process will be straightforward and you’ll have the necessary oversight of the financial side of your business.
Don’t neglect your bookkeeping
Not only will you struggle to complete your BAS, but most probably, you also will not understand your businesses profitability and its cash flow position.
Ensure your BAS is submitted on time
Failure to lodge will result in penalties for any small and medium business.
The penalty is calculated at the rate of one penalty unit ($222) for each period of 28 days that the return or statement is overdue, up to a maximum of five penalty units ($1110).
Remember to keep all your books and records for five years
Keeping good records helps you stay on top of your business, including:
- Records of all sales, fees, expenses, wages and other business costs
- Stocktake records and motor vehicle logbooks
- Reconciliations of sales with bank statements