MWL FINANCIAL GROUP
SECTION – YOUNG NETREPRENEURS
SUBJECT – BAS
Hi I'm Matt Laming, Structures Advisor for Young Entrepreneurs and start ups at MWL Financial Group
Are you confused by your BAS? Are you reporting GST on a method that suits your business needs?
Business Activity Statements or BAS’s are forms prepared to report GST to the Tax Office. There are two methods of reporting GST, one is called accrual and the other cash. For the accruals method, GST is reported when the invoices are issued or received, while the cash method is based on when the money is paid or received.
As you can see the GST method can potentially have big implications on a business’s cash flow, therefore careful consideration should be given to the nature of the business and choosing the appropriate method to best suit it’s needs.
For more information contact us at firstname.lastname@example.org and either me Matt Laming or one of our experts will be more than happy to help.