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Business Activity Statements (BAS) and Paying the BAS

What is a business activity statement?

If you are a business registered for GST you need to lodge a business activity statement (BAS).

Your BAS will help you report and pay your:

  • goods and services tax (GST)
  • pay as you go (PAYG) instalments
  • PAYG withholding tax

When do I need to register for GST?

As a business owner, it’s your responsibility to register for GST if your turnover exceeds the $75,000 threshold or is likely to exceed it. The ATO advises that if you’ve just started a new business and expect it to earn $75,000 or more in its first year of operation, you should register for GST.

What is provisional tax?

Provisional Tax is not a separate tax but a way of paying your income tax as the income is received through the year. You pay instalments of income tax during the year, based on what you expect your tax bill to be. The amount of provisional tax you pay is then deducted from your tax bill at the end of the year.

How often do I need to prepare and lodge a BAS?

It depends on if you have signed up to report monthly, quarterly or annually. The due date is 28 days after each of these report dates.

When do I have to pay the GST?

It depends on if you have signed up to report monthly, quarterly or annually. The due date is 28 days after each of these report dates.

I can’t pay it, what do I do?

If the taxpayer cannot pay all the GST dues (tax/interest/penalty) in a lump sum or within the stipulated date, then they can make an application to the Commissioner requesting to pay in instalments. (Payment Plans).

Please note that due to Covid 19 restrictions, we can only have one client in a meeting with a staff member at any one time. We will be staggering appointments and staff availability due to this.
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