All what you need to know about BAS---- Business Activity Statement


No one loves paying taxes. However, as a small entrepreneur, this is a reality. Numerous entrepreneurs end up dodging the submission of their Business Activity Statement (BAS) prompting superfluous penalties and headaches.

A BAS is a form that you fill out somewhere between one and twelve times a year, contingent upon your business size. The ATO utilizes the information on your BAS to work out your GST bill or refund. It's likewise utilized for business income tax (in case you're in the pay-as-you-go system), employee income tax, luxury car tax, fringe benefits tax, wine equalization tax, and fuel tax credits.Common acronyms found on the BAS.


  •  ATO = Australian Taxation Office
  • BAS = Business Activity Statement
  • GST = Goods and Services Tax
  •  PAYGW = Pay as you go Withholding
  • FBT = Fringe Benefits Tax
  • LCT = Luxury Car Tax
  • WET = Wine Equalization Tax
  • FTC = Fuel Tax Credits
  • GST Registration

How frequently should you lodge your BAS?

The BAS is required to be held up either monthly or quarterly. In case you are a monthly lodger, the due dates are 28 days after month's end, for instance, January BAS is due for payment and lodgment 28 February.

If you are a quarterly lodger, the reporting dates are July-September, October-December, January-March, and April-June. The due dates for these BAS are 28 October, 28 February (an extra month because of Christmas) and 28 April.

If you utilize the administrations of a BAS or Tax Agent, at that point you will be qualified for an additional month for lodgment for each BAS, aside from the December quarter/month when everybody is qualified for the additional month expansion.

If you have a turnover of less than $20 million you have the choice to either hold up monthly or quarterly. It is a regular practice, if you have the choice, to pick quarterly, this will mean fewer consistence costs from your bookkeeper or accountant as the quantity of BAS each year is four and not 12.

Who must enlist for BAS and GST?

You are required to enlist for the BAS and GST if your entire business turnover is greater than $75,000 or $150,000 if you are tax exempt/not for profit organization or if you provide taxi travel apart from your turnover.

How would you account for GST?

You can likewise choose to account for GST on a cash or accrual basis. Cash is accessible to those organizations with a turnover of less than $2 million and implies that you only pay GST when you get a salary or pay costs. Accrual implies you pay GST when solicitations are given (by invoice date) or received (by invoice date). If you have trade debtors it is smarter to pay on cash technique so you don't need to pay GST before you are paid.

How would you prepare your BAS?

To set up your BAS timely and precisely you should need accounting software that accommodates all GST exchanges, PAYG withholding from wages and other tax obligations.

At Indian muneem, we give extensive, top-notch BAS accounting services. Our team puts everything on the line to guarantee the accuracy of all your financial records. We stand by the quality and precision of our work.

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