What is a Business Activity Statement (BAS)?

What is a Business Activity Statement (BAS)?

A Business Activity Statement (BAS) is a tax return that businesses in Australia must lodge with the Australian Taxation Office (ATO) on a quarterly or annual basis. It’s used to report GST, PAYG withholding and other taxes. Read on for more information about Business Activity Statements from the experienced business tax return accountants at AIM S Australia.

Who Needs to Lodge a BAS?

All businesses that are registered for GST must lodge a BAS. This includes businesses that have an annual turnover of $75,000 or more, as well as businesses that are required to register for GST due to their industry or activities.

When and How Do I Lodge My BAS?

The due date for lodging your BAS depends on your business type and turnover. You can find the due date for your BAS on the ATO website.

You can lodge your BAS online, by mail or through a registered tax agent that provides business tax preparation services.

What Information Do I Need to Lodge My BAS?

You will need to provide the following information when you lodge your BAS:

  • Your business name and ABN
  • Your business address
  • Your GST registration number
  • Your GST turnover
  • Your PAYG withholding obligations
  • Any other taxes that you are liable for

What Happens if I Don’t Lodge My BAS On Time?

If you don’t lodge your BAS on time, you may have to pay a penalty. The amount of the penalty depends on how late you are. You may also be liable for interest on any amount of tax that you owe.

How Can I Get Help with My BAS?

If you need help with your BAS, you can contact the ATO on 13 28 61. You can also get help from a registered tax agent in Melbourne who can assist with BAS and GST management.

At AIM S Australia, we have a dynamic team of highly qualified and committed bookkeepers and tax accountants in Melbourne who represent a combination of youth and experience.

We can prepare individual tax returns, sole trader tax returns, partnership tax returns, trust tax returns, company tax returns, crypto tax returns, expat tax returns, non-resident tax returns, overdue tax returns, foreign resident tax returns and investment property tax returns. We can also help businesses with payroll solutions, late tax filing, capital gains, company formation, business setup and BAS. Enquire today to find out more.

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