Business Activity Statements or BAS must be lodged with the Australian Taxation Office (ATO) on a regular basis in order to avoid interest and penalties. Our Sydney chartered accountants and Sydney accountants regularly assist clients prepare and lodge BAS. BAS is a means by which businesses report and meet a number of tax obligations. Many people link Business Activity Statements or BAS with goods and services tax (GST), however, this is but one aspect of a BAS. BAS will usually need to be lodged by business operators, sole traders and the self employed. It is also a means by which tax is paid on a regular basis to the Australian Taxation Office. Generally, BAS is required to be lodged on a quarterly basis. However, entities whose annual gross income is greater than or equal to $20million are usually required to lodge a BAS at least once a month.
Business Activity Statements may involve:
- Goods and services tax (GST)
- Pay as you go (PAYG) withholding
- Pay as you go (PAYG) instalments
- Fringe benefits tax (FBT)
- Luxury car tax benefit (LCT)
For more information, we invite you to contact our office.
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