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Missing a BAS (Business Activity Statement) deadline can feel overwhelming, but it’s not the end of the world. For Australian business owners, staying on top of BAS is crucial to maintaining compliance and avoiding unnecessary penalties. The good news? With the right guidance and steps, you can minimise the stress and even avoid repeat mistakes in the future.
In this guide, we’ll walk you through what happens if you miss a BAS deadline, what actions to take, and how to stay ahead in the future.
The BAS is a critical part of business operations, requiring you to report and pay your Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, and other taxes. Late lodgement or failure to lodge can result in penalties and interest charges from the ATO (Australian Taxation Office). Beyond financial consequences, repeated late lodgements may flag your business for further scrutiny.
Staying on top of BAS deadlines ensures smooth cash flow, compliance with tax laws, and avoids disruptions in operations.
Missing a BAS deadline triggers the ATO's automated penalty system. Key consequences include:
• Failure to Lodge (FTL) Penalty: This fine is calculated based on penalty units. The longer you delay, the more it costs.
• General Interest Charge (GIC): The ATO applies interest to any outstanding amounts, compounding daily.
• Possible Audit Risks: Chronic late payments may increase the likelihood of an audit, creating additional stress for your business.
Understanding these implications is the first step to tackling a missed deadline.
If you’ve fallen behind, don’t panic. Here’s what to do:
1. Contact the ATO: Inform them of the delay and seek an extension where possible. Proactive communication can sometimes result in leniency.
2. Lodge ASAP: Even if you can’t pay the full amount immediately, lodge your BAS to minimise penalties and discuss an extension with either your Attune Advisory accounting partner or by contacting the ATO directly.
3. Apply for Penalty Remission: If you have a genuine reason for missing the deadline, you can request the ATO to reduce or waive penalties.
4. Set Up a Payment Plan: The ATO allows you to set up payment plans to settle your debt gradually.
Avoiding late lodgements in the future is all about systems and support:
• Automate Reminders: Use accounting software or set calendar alerts to remind you of BAS due dates. With Attune on your side, you’ll be part of our reminders where we may request information pertaining to your BAS in the lead up to lodgement time.
• Delegate the Task: Outsourcing BAS preparation and lodgement to the Attune team, frees you to focus on your core business – you won’t miss a BAS with help from our team.
• Regular Record-Keeping: Keep financial records up to date to avoid last-minute stress.
Late BAS lodgements can be a headache, but they don’t have to derail your business. At Attune Advisory, we specialise in helping business owners like you navigate the complexities of tax compliance. Whether you’ve missed a deadline or want to ensure it doesn’t happen again (or even once!), our team can assist with everything from lodgements to penalty remission requests.
Don’t let missed deadlines hold you back - reach out to Attune Advisory today for expert support in managing your BAS and staying compliant on 1300 866 113.
Investment properties are a strategic way to build wealth, but as an owner you have an opportunity to maximise the benefit by understanding the valuable tax-saving opportunities available. By understanding and applying (the correct) available deductions and strategies, you can significantly improve your financial returns.
Whether you’re just starting or already managing a portfolio, exploring these benefits can ensure your investment performs at its best.
With that in mind, we thought we’d create an overview to get you started before you speak with the Attune team about your investment property goals and subsequent tax opportunities…
As a property investor, you’re entitled to claim several common expenses to reduce your taxable income:
• Mortgage Interest: The interest portion of your loan repayments is deductible, providing substantial savings, especially early in the loan term.
• Council Rates and Insurance: Essential ownership costs like council fees and landlord insurance can also be claimed as deductions.
• Property Management Fees: If you use a property manager, fees for tenant placement, rent collection, and inspections are deductible, making outsourcing more affordable.
Understanding and claiming these deductions consistently ensures you’re not leaving money on the table and strengthens your financial position. Setting your structure up correctly from the start will go a long way in ensuring you’re eligible for deductions that fit within your strategy.
Beyond the obvious, there are lesser-known deductions that could add up:
• Depreciation on Fixtures and Fittings: Assets like appliances, blinds, and carpets lose value over time. A depreciation schedule, prepared by a quantity surveyor, allows you to claim this annual loss in value.
• Prepaid Expenses: If you’ve prepaid for repairs, services, or insurance, you may be able to claim the full amount within the current financial year, depending on timing.
• Advertising Costs: Any expenses associated with finding tenants, including online listings, signage, or agent fees, are deductible.
If you’re after advice on how these deductions might apply to your investment(s), chat to the Attune Advisory team and we can assist with implementing them.
The distinction between repairs and improvements has a major impact on your deductions:
• Repairs: Work that restores the property to its original state, such as fixing plumbing, repainting, or repairing an appliance, can be claimed immediately in the financial year the expense occurs.
• Improvements: Changes that enhance the property’s value, such as building a new deck or upgrading a kitchen, are capital expenses. These can only be claimed over time as part of the property’s depreciation.
Understanding this difference ensures accurate reporting and compliance while maximising your returns and once again, the Attune team can help you put together both current deductions and a depreciation schedule that assists with forecasting the benefits you’re receiving from your investment.
When selling your property, planning for CGT is essential to protect your profits:
• Holding Period: By holding the property for at least 12 months, you qualify for a 50% discount on the taxable gain, significantly reducing the tax burden.
• Improvement Records: Keep detailed records of renovations and improvements, as these costs can increase the property’s cost base and reduce your taxable capital gain.
Proactive CGT strategies allow you to retain more of your hard-earned profit.
Navigating the tax complexities of investment properties can be challenging, but expert advice makes all the difference. At Attune Advisory, we specialise in helping property owners unlock the full potential of their investments. From identifying deductions to long-term CGT planning, our tailored strategies ensure your portfolio works harder for you.
Ready to maximise your property’s performance? Contact Attune Advisory today on 1300 866 113 and take the next step toward achieving your financial goals.
In the rapidly evolving landscape of accounting, AI and automation are emerging as powerful tools reshaping how businesses manage their finances. For Australian small businesses and accounting firms alike, these technologies are not just about efficiency—they’re redefining the way compliance, reporting, and decision-making are approached.
With that in mind we thought we’d take a closer look at how AI and automation are driving change in Australian accounting and why it matters for your business.
AI and automation have already started transforming traditional in-house accounting practices. Tasks that were once time-consuming and prone to error, like data entry, payroll, and invoice processing, can now be streamlined using software powered by machine learning. Platforms such as Xero, MYOB, and QuickBooks are incorporating AI-driven features, enabling businesses to automate routine processes with ease.
For Australian businesses, this transformation is particularly timely. With increasing regulatory requirements from the Australian Taxation Office (ATO) and growing pressure to stay competitive in a tight market, these tools provide an opportunity to reduce administrative burdens on your business and focus on strategic decision-making.
To be sure, these tools don’t replace the need for a qualified accountant, like the team at Attune Advisory getting involved. With Attune, you’ll have the right strategies and structures set up to take advantage of what AI has to offer, bolstering your business from the bottom up.
1. Enhanced Compliance and Accuracy
With the complexity of tax laws and frequent updates to compliance regulations, mistakes in reporting can be costly. AI-powered tools can analyse financial data in real time, flag anomalies, and ensure businesses meet their compliance obligations without the risk of human error. This is particularly useful during BAS (Business Activity Statement) lodgements or end-of-financial-year reporting.
2. Cost and Time Efficiency
Automating routine tasks like reconciliation or invoice tracking can save hours each week. For small businesses, this means fewer resources spent on admin work and more time available to focus on growth. This also means that when you liaise with the Attune team, the data you deliver will be accurate and ready for our assessment so we can advise you on the best path forward.
3. Insights Through Data Analysis
AI doesn’t just crunch numbers; it provides actionable insights. For instance, predictive analytics can help business owners identify cash flow patterns or anticipate tax obligations, allowing for more proactive financial planning. Use these insights as a base when you speak with your accountant to build an ever-better strategy as you settle into using AI tools as part of your in-house accounting practices.
4. Better Decision-Making
Real-time reporting powered by automation allows businesses to make informed decisions faster. For example, a retail business in Sydney could use AI tools to track sales trends and adjust inventory investments during peak seasons based on data delivered.
Australian businesses are already benefiting from AI advancements. For example:
• Payroll Compliance: New Single Touch Payroll (STP) requirements introduced by the ATO can be challenging to navigate. Automation tools integrated with payroll software ensure timely, accurate reporting to the ATO, reducing the risk of penalties.
• Audit and Risk Assessment: AI tools are being used to detect irregularities in financial records, offering businesses peace of mind by flagging potential issues before they escalate.
• Sustainability Tracking: Some platforms now integrate ESG (Environmental, Social, and Governance) tracking, helping businesses stay accountable to sustainability goals.
While the benefits are substantial, businesses must be mindful of the challenges associated with AI and automation:
• Initial Investment: Implementing these tools may require upfront costs, though the long-term savings often outweigh this. We can help you assess what’s financially viable and valuable to your business when we speak.
• Security Concerns: Protecting sensitive financial data is paramount. Businesses must ensure their software complies with Australian privacy laws.
• Human Oversight: Automation is not infallible. Regular oversight by experienced accountants remains essential to ensure accuracy and interpret complex scenarios – again, that’s where we come in.
For businesses wondering how to integrate AI and automation into their accounting practices, professional advice makes all the difference. Attune Advisory specialises in working with businesses to identify the right tools, implement systems effectively, and ensure compliance with Australian regulations.
Whether you're looking to streamline payroll, simplify tax reporting, or harness data for smarter decision-making, Attune Advisory can guide you every step of the way.
AI and automation are no longer optional—they’re essential for businesses that want to stay competitive in an increasingly digital world. By leveraging these technologies, you can reduce costs, enhance accuracy, and free up time to focus on what matters most: growing your business.
If you’re ready to explore how AI can transform your accounting, get in touch with Attune Advisory today on 1300 866 113. Let’s work together to build a smarter, more efficient future for your business.
Capital Gains Tax (CGT) can be a source of confusion for many property owners. If you're planning to sell a property, understanding CGT is crucial to avoid surprises and make informed financial decisions that align with your future plan and strategies.
With that in mind we thought it wise to provide a guide to help you navigate the key aspects of CGT so that when you’re ready to speak with the Attune team about your situation, you’re armed with some of the knowledge to engage meaningfully.
Let’s jump in…
Contrary to popular belief, CGT is not a standalone tax with a flat rate. Instead, it is the tax you pay on the assessable gain from selling a property. This assessable gain—essentially your taxable profit—is influenced by factors such as how you’ve used the property over time.
After calculating the assessable gain, this amount is added to your taxable income from all sources, including employment and investments. The total is taxed at your marginal income tax rate. Keep in mind, however, that different rules apply if the property is owned by a company, superannuation fund, or trust, as these entities are subject to varying tax concessions. The Attune team can still help with this kind of property ownership, so reach out if you’re looking for tailored advice as part of your property ownership goals.
The timing of CGT can be tricky. It is triggered by the contract date rather than the settlement date. For example, if you sign the contract in one financial year but the settlement occurs in the next, you may need to report the gain and pay CGT earlier than expected. Understanding these timelines is also crucial for qualifying for CGT discounts, such as the 50% reduction for properties held for more than 12 months.
With timing considered, we recommend speaking with the Attune team as you prepare your sale rather than afterward – we can help ensure you’re set up to deal with any tax implications at a time that fits your financial strategy.
Your main residence may be exempt from CGT, but this depends on how the property was used. If the house has been rented out, left vacant, or used as a base for a home business, partial CGT liability might apply. However, if you’ve lived in the property as your primary residence for the entire ownership period, you’re likely exempt from CGT.
To ensure you’re on the right track, keep detailed records of how the property has been used. These records will help clarify your position if the Australian Taxation Office (ATO) reviews your tax filings.
Navigating CGT rules becomes more complex for individuals with multiple properties or investment portfolios. Professional advice can help you make the most of available concessions and avoid unnecessary tax liabilities. An Attune tax adviser can also ensure you’re aware of timing considerations and eligibility for CGT discounts, so you’re best to speak with us early on.
If your property has appreciated in value, you could leverage that untapped equity for future opportunities. For instance, you might consider purchasing an investment property or enhancing your current property’s value through renovations. Understanding your equity position is a vital step in creating long-term financial stability.
While the fundamentals of CGT are straightforward, the specifics often vary based on individual circumstances. Timing, usage history, and ownership structure all play a role in determining your tax obligations. By seeking professional guidance from the Attune Advisory team and maintaining accurate records, you can approach property sales with absolute confidence and clarity.
If you’re considering selling a property or want to explore how CGT applies to your situation, contact the Attune team on 1300 866 113 – we are here to help you make the most of your tax position when it comes to property ownership.
