BAS – What is a Business Activity Statement?
Any business which earns $75,000 in income in a finanncial year needs to register for GST and then start lodging Business Activity Statements either on a monthly, quarterly or annual basis.
Businesses use an activity statement to report and pay a number of tax obligations including –
- GST Collected and GST Paid
- PAYG instalments – Pay as You Go – these are the tax payments you have deducted from your employee’s wages
- PAYG withholding – an upfront payment of your year end tax based on your last tax return
- fringe benefits tax.
Activity statements are also used by individuals who need to pay quarterly PAYG instalments.
You can lodge and pay electronically, by mail or in person, but you need to do it on time to avoid interest and penalties.
We can assist you to get your accounts in order so it is easy to prepare and lodge your BAS on time.