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 Tax 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 (BAS) 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.
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Tax or Accounting Advice. It does not take into account your objectives, financial situation or needs or your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
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