A Business Activity Statement (BAS) is a required form submitted to the Australian Taxation Office (ATO by all Australian businesses to report their taxation obligations. These may include pay as you go withholding (PAYGW), pay as you go instalments (PAYGI), and fringe benefits tax (FBT), wine equalisation tax (WET) and luxury car tax (LCT). PAYGW is sometimes known as “Income Tax Withholding (ITW) PAYGI is sometimes known as “Income Tax Instalments
Although these statements are usually submitted quarterly, some businesses need to report on a more frequent basis.
There are a variety of different BAS forms which an organisation can complete. WealthVisory can advise on which is the best for your business is.
Statements are usually issued on a quarterly basis; some can be reported at different frequencies depending on business structure and income. Some roles such as GST can be reported annually, subject to eligibility criteria being met.
Every business which is registered for GST and/or paying wages, is required to lodge a Business Activity Statement (BAS) to the Australian Taxation Office (ATO) to make payments and report the business tax obligations. Under some circumstances some individuals may also be required to lodge a BAS.
It is important to make sure you report your Business Activities on time to the ATO.
WealthVisory can advise you which is the best way for your business.
The Australian GST system can be complex confusing at times. For this reason here at WealthVisory we ensure all our staff are continuously up to date on the changes, and able to offer you accurate and timely advice.
Transactions in Australia now have a GST component added to the invoice and can raise issues on what should and should not include GST. We have many years’ experience with these issues and are able to offer solid advice on the implications of GST for your business.
The GST related services we offer include, but are not limited to: