It is very important in Australia to make sure your business keeps good up to date financial records and report the financial affairs of your business in a timely correct manner to the correct Government Departments.
Wherever you are in Australia the same reporting standards apply across all Australian states and territories.
BAS are personalised to each business (or individual). It can be lodged electronically, by mail or in person. A BAS needs to be lodged monthly, quarterly or annually depending on when instalments are due.
The Australian Securities and Investments Commission (ASIC) is Australia’s corporate, financial markets and financial services regulator.
Companies operating in Australia are required to prepare and lodge financial reports with ASIC, usually at the end of the financial year.
Companies & Trusts operating in Australia are required to prepare and lodge financial reports and tax returns with the ATO, usually at the end of the financial year in June.
Accounting Standards across Australia are set by the Australian Accounting Standards Board (AASB), an independent Australian Government agency.
The Australian Accounting Standards meet the requirements of the International Financial Reporting Standards (IFRS). Whilst much of the standard-setting is the responsibility of the International Accounting Standards Board, the AASB maintains standard-setting power over matters specifically relating to Australia.