Hendy Cowan

Hendy Cowan


    Small business gearing up for quarterly BAS reports

    24/10/2000 9:28 AM

      Seventy-five per cent of small business operators say they are fully prepared to complete their first quarterly Business Activity Statement (BAS), according to the Small Business Development Corporation’s (SBDC) Ready Response Network.
      The Ready Response Network acts as a litmus test, providing an indication of the underlying attitudes of the small business sector. The network is a group of small business owners who provide a quick response to topical questions issued via e-mail.

      Small Business Minister Hendy Cowan said that despite their preparedness, of those small business operators who were about to prepare their first quarterly BAS, 52 per cent anticipated that it would be very or somewhat difficult to prepare, compared with 28 per cent who said it would be fairly straightforward.

      “As a result, it is very important those operators take full advantage of the information available to confidently complete their first quarterly BAS,” Mr Cowan said.

      “In this regard, it is also significant that 65 per cent of RRN respondents indicated they would be using an external accountant to complete their BAS.

      “Small businesses need to be accurate with BAS reporting as it affects the bottom line involving a payment of monies to or a refund from the Australian Taxation Office.”

      Mr Cowan said most business operators had opted to complete their BAS on a quarterly basis and, accordingly, their first statement is due on November 11.

      He said small businesses should make the most of services available to assist with accurate BAS reporting including the Small Business Development Corporation’s GST Transition Centre.

      For the cost of a local call, all WA small businesses can get free and confidential guidance from the GST Transition Centre on 1300 130 678.

      Media contacts:

      Peter Jackson (Minister’s office) 9222-9595
      Tracy Taggart (SBDC) 9220-0222