BAS Reporting, Lodgement Dates & Budgeting To Pay BAS
One of the biggest challenges we find business owner’s face, is budgeting to pay their BAS when BAS reporting.
The best 2 options to ensure you budget to pay the BAS are:
- My all-time favourite is to simply pay weekly in advance so that you’re always ahead, and you end up with either a small bill or a refund
- My second favourite is reserving that same money in a holding account, only if you definitely will not touch it (this is very hard for most business owners)
One more thing; don’t forget end of year tax. You’ll need to reserve a % of monthly profit for end of year tax. This varies depending on what you’re earning but as a rule, put 20% away using one of the options above.