Tax Tips: BAS - What is it?
Often new businesses are unsure of what a BAS is. It’s important to understand as you will need to be compliant in lodging your BAS periodically.
Firstly, lets point out what a BAS stands for:
B - Business A - Activity S - Statement
A BAS is a report which must be lodged with the ATO either; monthly, quarterly or annually. Information that may be included includes:
GST - If you’re registered for GST.
PAYG Withholding - If you employ people, PAYGW is the tax withheld from their salaries.
PAYG Instalments - If you had to pay income tax in a previous year the ATO will generally request you remit payments of the estimated tax on a quarterly basis.
For some businesses, you may also be eligible to receive fuel tax and wine equalisation tax credits through the BAS.
If you have more questions about what parts of the BAS may be relevant to your business, please get in contact with us.