If your business is a GST-registered business you’ll need to let the government know how much you’ve collected and how much you’ve paid. You do this by completing a business activity statement (BAS). A BAS is a form that you fill out between one and twelve times a year, depending on your business size. The ATO uses the information on your BAS to work out your GST refund or bill. It’s also used for business income tax (if you’re in the pay-as-you-go system), employee income tax, fringe benefits tax, luxury car tax, wine equalisation tax, and fuel tax credits.
What you’ll need:
- a record of how much GST you collected on sales and how much was paid on purchases
- you do not need to submit your invoices but keep them handy incase of an audit
- you may also be asked to provide information on your businesses activities, employees and income.