Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered. Business Activity Statement is generally required to be filed quarterly by various businesses.
BAS statement mainly includes :
- Goods and Services Tax i. The amount of sales done and GST liabilities pertaining to sale ii. The amount of purchases and relevant GST credits
- PAYG Withholding i. The amount of payment as wages and salary ii. The amount paid which is subject to PAYG withholding
- PAYG Installments i. The Amount paid as PAYG installments
- Fringe Benefits Tax
- Wine Equalization Tax (WET)
- Luxury Car Tax (LCT)
BAS statements needs to be duly filled and submitted to ATO within prescribed time limit.
Due Dates for Lodgement of BAS
Monthly reporting : In case the Assessee has monthly payment requirement, the due date is usually on the 21st day of the following month. In case of public holiday, payment can be made on next business day Read More..
Cash Accounting for GST
Changing System of Accounting: Business can switch the system of accounting. however the change is permitted only at the start of Accounting year after giving transitory effects in the books of accounts Read More..
Withholding of Tax when there is no ABN on Invoice
Australian Business Number (ABN) is required by all the business which operate within Australia. All the business entities operating in Australia are required to quote ABN number in their invoices for supply of goods or services Read More..
Outsource your accounting to us and we shall take care of your books. We shall ensure that we would assist you in preparation of your BAS statement. To avail Cost Effective of our services without any obligation.
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