When it comes to doing your own tax return, there are a lot of things to think about. In an ideal world, you would complete your tax return as accurately as you can, both to avoid fines for non-compliance and to minimise the amount of tax you have to pay. However, this isn’t always done. The main reason for mistakes on your tax return is simply a lack of knowledge. Unless you choose to use an accountant such as Accountants Australia to do your tax return for you, you need to make sure that you understand every aspect of what you are required to do.
If you own a business, no matter what its size, you will probably be required to complete business activity statements (BAS). You are required to complete a BAS if your business is registered for GST, no matter how big or small it is.