What is BAS?
The business activity statement (BAS) is a tax reporting requirement for businesses issued by ATO on either a monthly or quarterly basis.
It is used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other tax obligations.
The due date for lodging and paying is displayed on your business activity statement (BAS). If the due date is on a weekend or public holiday, you can lodge your form and pay on the next business day.
If your GST turnover is below the 75,000, registering for GST is optional.
If you have not registered for GST, and you become aware that your GST turnover will exceed the $75,000 annual threshold, you will have to register for GST within 21 days.
It is a good idea to check each month to ensure you’re not likely to go over the over the limit. Keeping an eye on your GST turnover is important so you can register as soon as possible when it is necessary.
What does GST Registration mean for you?
If you are registered for GST, you have the benefits of claiming input tax credits for the GST paid on items you have bought for business use. If you are not registered, you cannot claim input tax credits. You will have to collect GST from your customers and pay it to the Australian Taxation Office (ATO) when it is due. This is one-eleventh of the sale price.
What can we do for you?
Fortiz Accountants provide an efficient and friendly service to ensure that you successfully stay on track with your BAS obligations. We can:
- Take stressful tasks off your hands, prepare and lodge your BAS statements on your behalf
- Answer any of your BAS and GST questions relating to your business
- Keep your books in order so that lodging BAS statements is fast and easy
Don’t fret every quarter when our Business Activity Statements (BAS) are due! We have got your back!
Did you know?
- If you lodge your own BAS, it is due on 28th of the month following the end of the quarter.
- If you lodge your BAS via your BAS agent, you can get a one-month extension.
- If your business is small, you may opt for annual BAS reporting.
- Even if you don't have anything to report, you must lodge a nil return.