A Guide to Business Activity Statements (BAS)
A Business Activity Statement (BAS) is a kind of form that all the businesses or entities need to fill. This statement serves as a kind of one document that would show almost all your taxes. Once a business or an entity has registered themselves and have availed the Australian Business Number or the ABN, and they have been liable to pay the Goods and Services Tax, or the GST, they need to fill out their BAS and GST return forms.
Reasons for opting for Business Activity Statement (BAS)
The BAS consists of the exact amount of GST returns as well as details of various other taxes. Some of these taxes that are mentioned in the BAS are the PAYG, FBT as well as company tax installments. According to the industry that the firm is in and the amount of turnover, the BAS needs to be filled monthly or quarterly. BAS preparation support and bookkeeping services for Australian businesses.
Your Business Activity Statement (BAS) would be supplied by the Australian TAX office before 2 weeks that you need to submit your report. Utmost care should be taken while filling out this form as even a minor mistake could lead to penalties. Of course, one can plead the case, and if the mistake is genuine, the penalty could be smaller.
If you are facing issues with the form filling, you could work with an outsourcing firm to create accurate statements that would ensure that no penalties are formed. Contact Us Ravat and get the best deals.