Some businesses are registered to collect GST (Sales Tax) in their sales and pass it onto the ATO.
Software now provides very good reporting so the figure that you need to submit will be correct in your BAS.
There can be problems in accurately working out your obligations and what is subject to GST and what is not GST applicable. This happens at the time of coding when you have the option to select GST or not.
Xero & Myob (and other software) have preset functions already installed to take up GST for the correct percentage.
Bookkeepers are fairly knowledgeable in knowing what business items is GST related and how to code them correctly.
Often a business owner will have difficulty understanding how they owe money to the ATO and a bookkeeper can assist in showing where the income incurred GST and where the offset GST expenses are.
It also has different approaches if you are accrual or cash accounting.
A vast range of GST reports helps owners/ bookkeepers scroll through and review the BAS statement before submission.
Adding to GST there are other obligations added into the BAS like PAYG for employee tax and FBT which need to be addressed if applicable.
Majestic Bookkeeping is very familiar with preparing BAS reports and helping keep obligations on time and in order.