Businesses in Australia use a business activity statement (BAS) or instalment activity statement (IAS) to report and pay different taxes to the Australian Taxation Office (ATO). In summary, it’s a streamlined tax form that makes things easier to process ie. GST, PAYG withholdings, PAYG instalments and other forms of taxes. The amount of tax liabilities and the size of the firm can affect how frequently a BAS/IAS is lodged or filed. Although it’s usually done quarterly, some companies can need to file monthly or yearly.
BAS Preparations simplify business activity statements for efficient tax management.
Preparation and Filling
Advice and Guidance
Evaluation and Implementation
Record Keeping
Preparation and Filling
We assist companies with figuring out the GST, PAYG withholding, and other taxes that apply to their BAS/IAS. We support the preparation of financial statements that follow IAS/IFRS rules.
Advice and Guidance
We can offer direction regarding BAS/IAS requirements, due dates, and possible tax ramifications for business operations.
Evaluation and Implementation
We examine current systems and provide recommendations for changes, or they might put in place new ones that help with IAS/IFRS compliance.
Record Keeping
To guarantee correct BAS/IAS computations, we help with keeping accurate records of income, expenses, and GST.
First Consultation
We will talk to you about your business operations and tax circumstances. Your BAS/IAS requirements and the frequency of submission (quarterly, monthly, etc.) will be evaluated by us.
Record Collection
Your bank statements, payroll records, invoices, and receipts are just a few of the financial documents that we will ask to see.
BAS Preparation
For the appropriate BAS/IAS period, we will utilize your records to compute applicable taxes, including PAYG withholding and GST.
Review and Approval
Before we finalize the draft BAS/IAS, you will have an opportunity to check it for accuracy.
BAS/IAS Filing
On your behalf, the completed BAS/IAS is electronically filed with the Australian Taxation Office (ATO).
Record Keeping
To make sure your financial data is organized for upcoming BAS/IAS, we offer continuing record-keeping services.
BAS pays the GST that was collected by your business since your last BAS. IAS pays amounts withheld from employees’ wages and salaries.
In your BAS you will need to know the sales for the period, the GST collected, the GST you paid on expenses, wages paid to staff and the tax withheld from wages (PAYG Withholding), as well as PAYGI and Fuel Tax Credits.
The deadlines for filing and paying Business Activity Statements (BAS) and Instalment Activity Statements (IAS) differ depending on the lodgement frequency, which can be monthly, quarterly, or yearly.
Run a GST detail report and ensure all tax code allocations are accurate. Print/download GST cash or accrual detail report and T summary report for the relevant period.
Tax payments, fines, shareholder loans, dividends received or paid, etc.
That’s basically all Table 7 is saying when it lists depreciation as not reportable on BAS.
An entity in question could incur interest and penalties proportionate to the severity of the infraction.
The variation depends on the reporting interval and the magnitude of the Business Activity Statement (BAS) or Instalment Activity Statement (IAS).
