What is a BAS (Business Activity Statement)?

what is a bas statement

Ever heard your mates talking about a BAS and wondered what they were talking about?

Well, the good news is that there’s no need to hide when your BAS comes in the mail. It’s a pretty straight forward form that you’ll get the hang of very quickly.

The bad news is that in order to fill the form out correctly, you’ll need to make sure your finance admin (invoices and purchase receipts etc) are up to date. Here’s why…

What is a BAS (Business Activity Statement)?

A BAS is a reporting form sent to businesses by the Australian Taxation Office to report on:

  • GST (Goods and Services Tax)
  • PAYG (Pay As You Go) instalments
  • PAYG (Pay As You Go) Withholding Tax

and other taxation obligations.

Who gets sent a BAS?

Every business will be sent a BAS if they have

registered for both:

(b) GST (Goods and Services Tax).

Why do I need to lodge a BAS for a mowing business?

If you’ve registered your mowing business for GST,  the government wants to know how much GST your mowing business has collected (from customers) and how much GST you have paid (to other businesses). The government will then deduct what you’ve paid from what you’ve collected, before sending you their GST bill.

When do I need to lodge a BAS for my mowing business?

If you haven’t received your BAS soon after the end of your reporting period (like we didn’t), it’s your responsibility to follow up with the Tax Office. (They’re very keen to know if you have GST money to send to them, so they’ll quickly send you a replacement!)

How do I lodge my BAS?

How do I make the process as easy as possible?

Source: greensocks.com.au

Category: Forex

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