Business Activity Statement
A business that is registered for GST is required to lodge the Business Activity Statements (BAS) by their due dates. A well-managed business indicates timely lodgements and up to date tax payments to the Australian Taxation Office (ATO). In lodging your Business Activity Statements, you are required to include the following taxes in your calculations as they are applicable to your business circumstance:
- GST collected
- PAYG instalments
- Pay as you go withholding
- Fringe benefits tax (FBT instalments)
- Wine equalization tax (WET)
- Luxury car tax (LCT)
- Fuel tax credits (FTC).
It is obligatory to comply with the due date for lodgements of your Business Activity Statements in order to avoid penalties and interests. Timely lodgements and accurate GST calculation are the two most important aspects in preparing and lodging your Business Activity Statements.
Our Business Activity Statements lodgement services cover the following:
- Book keeping
- Bank reconciliation
- Calculating GST and Pay as you go withholding
- Preparation of BAS
- Lodgement of BAS
We have mentioned the due dates for BAS lodgement for your convenience:
- July, August and September – 28 October
- October, November and December – 28 February
- January, February and March – 28 April April, May and June – 28 July
- April, May and June – 28 July
If you are a small business owner operating in any form of tax structure including Sole Trader, Company, Trusts or Partnerships we are adept in preparing and lodging your Business Activity Statements to the ATO. Please feel free to contact us on 0452214559 or write us to info@ps-accountants.com.au and we are happy to assist you.