GST Season is here. Here is why you need an accountant to lodge your BAS
- chris72517
- Apr 19
- 4 min read
With the Australian Taxation Office (ATO) cracking down on inaccurate Business Activity Statements (BAS), ensuring your figures are spot-on has never been more critical. For small business owners in Australia, lodging a BAS can feel like navigating a minefield—especially when it comes to calculating Goods and Services Tax (GST). Errors can lead to penalties, audits, or even legal consequences. This is where an accountant comes in as your ultimate ally. In this blog, we’ll explore why accurate BAS figures are essential in 2024-2025 and why hiring an accountant can save you time, money, and stress.
Why Accurate BAS Figures Matter More Than Ever in 2024-2025
The ATO has ramped up its efforts to ensure compliance, particularly with GST reporting. As of April 2025, the ATO has implemented stricter monitoring systems and data-matching technologies to identify discrepancies in BAS submissions. Here’s why accuracy is non-negotiable:
1. Avoid Penalties and FinesThe ATO can impose penalties for incorrect BAS lodgments, starting at 20% of the shortfall amount for careless errors. If they determine the error was intentional, penalties can skyrocket to 75%—plus interest. For a small business, these fines can be financially devastating.
2. Prevent ATO AuditsInaccurate figures raise red flags with the ATO’s advanced analytics. If your BAS doesn’t align with your reported income, expenses, or industry benchmarks, you could be flagged for an audit. Audits are time-consuming, stressful, and can lead to further scrutiny of your business.
3. Maintain Cash FlowErrors in GST calculations can lead to overpaying or underpaying tax. Overpaying ties up your cash flow, while underpaying can result in unexpected tax bills down the line. Accurate figures ensure you’re only paying what you owe—no more, no less.
4. Protect Your Business ReputationNon-compliance can damage your business’s reputation, especially if you’re dealing with clients or suppliers who expect transparency and professionalism. Repeated errors may also lead to restrictions on claiming GST credits, impacting your operations.
Why You Should Use an Accountant to Lodge Your BAS
Hiring an accountant isn’t just about outsourcing a task—it’s about investing in peace of mind and protecting your business. Here’s why an accountant is worth every penny when it comes to BAS lodgment:
1. Expertise in GST and Tax ComplianceAccountants are trained to handle the intricacies of GST and BAS reporting. They stay updated on ATO regulations, ensuring your submissions are compliant with the latest rules. From classifying transactions correctly to maximizing your GST credits, they’ve got you covered.
2. Accuracy and Attention to DetailAn accountant’s job is to ensure your figures are accurate down to the last cent. They’ll cross-check your records, reconcile accounts, and spot discrepancies before they become a problem. This level of precision is hard to achieve on your own, especially during busy periods.
3. Time Savings for Business OwnersRunning a small business is demanding enough without adding BAS preparation to your plate. An accountant takes this burden off your shoulders, freeing you up to focus on what you do best—growing your business.
4. Audit Protection and ATO LiaisonIf the ATO does come knocking, having an accountant on your side is invaluable. They can represent you during an audit, provide documentation, and negotiate on your behalf. Many accountants also offer BAS Agent services, which means they’re registered with the Tax Practitioners Board and can legally deal with the ATO for you.
5. Cost-Effective in the Long RunWhile hiring an accountant involves a fee, it’s often far less than the cost of penalties, interest, or lost time fixing errors. Plus, accountants can identify deductions and credits you might have missed, potentially saving you more than their fee.
6. Personalized Advice for Your BusinessBeyond BAS lodgment, accountants offer strategic advice tailored to your business. They can help you streamline your bookkeeping, optimize your tax strategy, and plan for growth—all while ensuring compliance.
How to Ensure Accurate BAS Figures with an Accountant
To make the most of your accountant’s expertise, here are a few steps you can take:
• Keep Organized RecordsProvide your accountant with clear, organized records of your transactions, including invoices, receipts, and bank statements. Cloud-based accounting software like Xero or MYOB can make this process seamless.
• Communicate RegularlyLet your accountant know about any changes in your business, such as new revenue streams, international sales, or large expenses. This ensures they have the full picture when preparing your BAS.
• Review Before SubmissionWhile your accountant will handle the heavy lifting, it’s a good idea to review the BAS before it’s lodged. This ensures you understand your obligations and can ask questions if something doesn’t look right.
• Leverage TechnologyMany accountants use advanced software to automate GST calculations and flag potential errors. Ask your accountant if they can integrate your bookkeeping system with theirs for real-time accuracy.
Conclusion: Don’t Let BAS Stress Take Over
With the ATO cracking down on inaccurate BAS submissions, now is not the time to take risks with your GST reporting. The stakes are high, but you don’t have to face them alone. Hiring an accountant ensures your figures are accurate, compliant, and stress-free—leaving you with more time to focus on your business. Don’t let BAS season turn into a nightmare. Reach out to a trusted accountant today, and take the first step toward hassle-free tax compliance.
📢 Ready to simplify your BAS? Contact us for expert accounting support!
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