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Business Activity Statements

Management Accounting
 

Business Activity Statements

What is a Business Activity Statement (BAS)?

For those business owners who are registered for GST, you must lodge a BAS for each period, whether it is monthly, quarterly or annually. 

Simply put, a BAS is a report that is submitted by a business to the Australian Taxation Office (ATO). On the basis of this report, various business taxes are paid to the relevant tax office. The BAS contains details about the various types of taxes that may need to be paid by your business.

These taxes are:

  • Goods and Services Tax (GST)
  • Pay As You Go (PAYG) Withholding Tax
  • Pay As You Go Instalment Tax
  • Fringe Benefit Tax (FBT)
  • Luxury Car Tax (LCT)
  • Wine Equalisation Tax (WET)
  • Fuel Tax Credits

Every BAS is unique to a business and may or may not include all the types of taxes as mentioned above. Your business activity statement will only include detailed reports about those types of taxes that your business is eligible to pay. There are certain reporting requirements that need to be completed before you can submit a valid BAS to the tax office.

Lodgement and payment dates of your BAS are as follows: 

MONTHLY The 21st day of every month for the period just past
QUARTERLY The 28th of October, February, April and July (In the case of a lodgement/payment falling due on a weekend or public holiday, it is due by the next business day)
ANNUALLY (pertaining to GST return): Is sent out after the fourth quarter BAS and need to be lodged by either 28th February or before your yearly income tax return is due, whichever comes first.

Sulfaro & Associates can assist you with further information and preparation of your BAS.