Business Activity Statements: What They Are & How To Lodge

 

If you are a business registered for GST you need to lodge a business activity statement (BAS).

BAS’s help you report and pay your

> Goods and services tax (GST)

> Pay as you Go (PAYG) instalments

> PAYG withholding tax

> Other taxes (such as Fringe Benefits Tax, Luxury Car Tax, Wine Equalisation Tax)

When you register for an ABN and GST the ATO will automatically send you a BAS when it is time to lodge.   Here is where we come in! Locmans Advisors accountants can help you prepare your BAS by collating tax deductions, wage spending, income and GST throughout the year and lodge on your behalf.


 

What are the Due Dates?

When you receive your BAS from the ATO the due date will be displayed, due dates for lodging your Ensure you keep on top of your BAS to avoid issues with the tax office!

If you have more than $20 million annual turnover

Lodge: Monthly

If you have less than $20 million annual turnover

Lodge: Quarterly

If your turnover is less than $10 million, you may be able to lodge annually – you’re still required to pay a quarterly instalment of the GST you owe.

What is the difference between a BAS and an IAS?

IAS’s or Instalment Activity Statements are used to report and pay amounts withheld from your employee’s wages and salaries, similar to a BAS, although if you are a business owner or an individual that isn’t registered for GST and deals with PAYG instalments, PAYG Withholding and/or Fringe Benefits Tax Instalments you need to lodge an IAS.

But what if I have no GST or income to report in this time?

Even if there is nothing to report, you must still lodge your BAS and IAS statements by the due dates to the ATO.

We at Locmans Advisors can provide a full review of your information, calculate the GST liability and electronically lodge your BAS and IAS forms on your behalf. We ensure your employee wages are correctly entered on your activity statements and your input tax credits are calculated properly so you pay only the required amount of GST by the due date, with no nasty surprises come tax time. Talk to one of our Taxation experts today.

Email: advisor@locmansadvisors.com

Ph: (03) 8393 1450