Its that time of the quarter again - the BAS is due. Do you get that sinking feeling that you are working hard, you have a good business but it is always a struggle to pay the BAS
Here is a 3 step cure to the BAS Blues
1. Put money aside.
Calculate what on average your BAS is and put money into a separate account. You can do this on a weekly or monthly basis. Then you will have the cash to cover the payment when it is due.
2. Pay you wages instalment tax on a monthly basis.
Speak to your tax accountant about changing to monthly IAS. This reduces the lump sum due each quarter.
3. Re- look at your business and lifestyle.
If your business is doing well but not throwing off enough cash to pay the BAS you may be taking too much out of it. Assess what you are taking out - wages, car, private expenses on a company credit car, telephones, private component of travel. These are all common. Check how much these add up to. Can your business afford it. You may need to look at some changes to your personal budget to take the pressure off.