If you are a sole trader, in a business partnership, or running a company, you typically need to create and lodge a Business Activity Statement (BAS) quarterly if your business is registered for GST.
Note that you only need to register your business for GST if your annual estimated turnover exceeds AU$75,000 per year. If it doesn’t than you only need to fill out an Installment Activity Statement (IAS).
Still not sure if you need to complete a BAS? Contact us and book your free 15 minute consultation to determine if you need to complete anBAS, and how to go about creating and lodging one.
The BAS are records of the activities your business carries out, in terms of income and expenditure and how they relate to tax. Typical items reported on a BAS include; GST, Pay As You Go (PAYG) installments, PAYG withholdings and other tax obligations.
Recoding and having an organised BAS is a handy way to track your business’ profitability, with proper consideration to its tax obligations.