The Silliest BAS Idea Ever?

Posted by on Aug 29, 2013 in Blog

The Silliest BAS Idea Ever?

You can always tell when it’s election time.  Policies and ideas are thrown at us from all sides and not all of them are well considered.

One such example is Prime Minister Kevin Rudd’s proposal to allow businesses to defer lodgement of their Business Activity Statement from quarterly to annually, which is a potential recipe for disaster for small businesses.

Currently, to lodge a BAS the business owner has to have all their financial records up to date. Everything they have spent or earned during the quarter needs to be accounted for and allocated and recorded. The actual filling in and lodgement of the BAS form once this has been done takes about 15 minutes.

So the Prime Minister’s proposed policy will do one of two things. It will either save business owners approximately 15 minutes every three months because they no longer have to lodge BAS forms. Or it will encourage them to defer recording of their financial transactions until the end of each year, depriving them of an up-to-date understanding of their financial position.

In my opinion, Prime Minister Rudd’s suggestion is without merit.  If you’d like to know my reasons, pop over to the Sydney Morning Herald site and read my article.

I’d love to know whether or not you agree with me so please, once you’ve read the article, come back and share your opinion.