BAS (Business Activity Statement) is the official record of the GST a business collects and pays. In a lot of cases, a business doesn’t have to pay all of the GST they collect because the GST you pay in business purchases is offset against the GST a business collects.
BAS needs to be recorded and lodged with the ATO. The ATO has different reporting times – monthly, quarterly, yearly – on the basis type of business and turnover. In Australia, most businesses choose to lodge their BAS quarterly.
While filing your BAS, you should include pay as you go (PAYG) withholding installments deducted from employees’ wages. Also, if there are any other withholding taxes you are required to collect needs to be reported.
You don’t need to worry about the nitty-gritty of Accounting when Singla Singla & Co is with you. All you need to do is provide us with your source documents or accounting files and we will complete your BAS. Call us today to know the attractive package to suit businesses of every size. Avoid BAS incomplete penalty and ensure that your BAS is completed correctly. At Singla Singla & Co, our team of experts can assist you with all areas of GST, reconciliation and lodgement of BAS.
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