Business activity statement
Accurate Business and Accounting Services (ABAS) helps businesses in preparing business activity statements (BAS). The business activity statement is prepared by ABAS accountants. The business activity statement was introduced in 2000 after the introduction of the goods and services tax (GST). The business activity statement is done by businesses once a month or once a quarter. It’s used for paying goods and services tax (GST), pay as you go (PAYG) instalments and PAYG withholding tax.
You can lodge business activity statements electronically or by mail. You can also lodge it over the phone if you have nothing to report. You can mail your business activity statement with your cheque to the Australian Taxation Office (ATO). You can choose either one of the two options, lodging your BAS once every month or once a quarter. The due date of your monthly BAS is on the 21th of every month. You can pay your BAS by credit card. You must store your BAS at least 4 years after you have lodged the BAS, for purposes of record keeping.
The balance activity statement should show the good and services tax (GST) returns. The BAS should also show the pay as you go (PAYG) instalments. The business activity statement should withhold tax from payments made to employees. The BAS should also include the fringe benefits tax (FBT). The fringe benefits tax is a tax on benefits given to the employees’ family or relatives. The business activity statement should also include luxury car tax (LCT) which is a tax on supplies and importations of luxury cars.
Wine manufacturers and importers should include the wine equalisation tax (WET) on the business activity statement. The business activity statement should also include fuel tax credits for fuel used in machinery, plant equipment and heavy vehicles. You can also lodge the business activity statement through the ATO website. There are different portals in ATO for sole traders, businesses and tax agents lodging a BAS on behalf of a business. Every BAS carries a unique document identification number (DIN).
ABAS accountants make sure that the business activity statement is made without any errors or mistakes. The accountants also make sure the business activity statement is lodged before the deadline, so you do not have to face any penalty. So what are you waiting for? If you are a business and need to lodge a business activity statement, then contact us for this service.