Business Activity Statements

What is a business activity statement?

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 goods & services tax (GST), 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”.

There are a variety of different BAS forms which an organisation can complete. WealthVisory can advise on which is appropriate for your business.

Statements are typically issued on a quarterly basis as follows:

July – September

October – December

January – March

April – June

Lodgement and payment due dates when using WealthVisory can be found here – https://www.ato.gov.au/tax-professionals/prepare-and-lodge/bas-agent-lodgment-program/

Some BAS’s are reportable at different frequencies depending on business turnover and wage levels. Some roles such as GST can be reported annually, subject to eligibility criteria being met.

All businesses who are registered for GST and/or paying wages, are required to lodge a BAS to the ATO and make payment.

It is important to make sure you report your Business Activities on time to the ATO to avoid interest and penalties.

Contact us to find out how we can assist you with all of your BAS requirements.