Reduce your BAS payable
For most small businesses, BAS payment is a major cash flow item. For small businesses, there is an option to prepare your BAS return on a Cash Basis instead of Accrual Basis. The benefit of using this method is that you only forward the GST you have already received from your customers which eases the burden.
In case of accrual reporting, you may be required to forward GST to the ATO even if the customers haven’t paid their invoice still which could drain your business cash position.
Apart from this, we would also continuously monitor the PAYG Instalments for our clients. If we could vary the PAYG Instalment down then we would.
Apart from this, we could also assist with setting up a payment plan to assist with the business cash flow.
If you haven’t made an arrangement or don’t have your books in order, speak to one of our specialist TODAY.