Business Activity Statements
Business accounting services
BAS Lodgment Made Simple
At Tax Delivery, we endeavour to offer reliable, fast and convenient Business Activity Statements (BAS) preparation and lodgement services to our clients. If your gross income is over $75,000, the lodgment of your Business Activity Statements is an integral part of your taxation compliance and business financial procedures.
Our online services create an opportunity for you to grab and enhance your companies efficiency. We give a simple, straightforward process for lodging your BAS. We will arrange your BAS lodgement and send it to the ATO (Australian Taxation Office).
When we get an announcement from the ATO, we will give you a copy of your BAS Lodgement and the attached Payment or Refund slip.
Frequently Asked Questions
Once you register for GST, you will also be required to lodge quarterly activity statements known as Business Activity Statements (BAS) to declare the GST you charged your clients and the GST you paid on your expenses. The difference will be the GST payable to the ATO or refundable to you.
Your BAS will report your business revenue to the ATO for the quarter, and any Goods & Services Tax (GST) on both your sales and expenses. You will either have a GST refund (if GST-related expenses are more than GST-related sales) or a GST payable (if sales exceed GST-related expenses).
Your BAS will also report any employee wages and PAYG withholding tax.
The withholding tax will be added to the GST. By lodging your BAS through a registered tax agent such as Tax Delivery & Accounting Solutions, you will get an additional ONE MONTH to make payments which can be great for helping with your business cash flow.
The ATO sends to each registered business before completing each reporting period a BAS tailor-made for the business entity. The BAS may be given to the company as a paper form, electronically, or by the business’s registered tax agent. Parts of the BAS can be pre-filled.
Associated with the BAS is the Instalment Activity Statement (IAS), utilised by taxpayers who are not listed for the GST but have other tax commitments. An IAS is also used by entities that make a quarterly BAS but are obligated to release their PAYG withholding tax every month.
The business activity statement reporting system was launched in 2000 as a component of significant tax reform, which also involved the launching of the goods and services tax (GST). The different forms and reporting systems have evolved considerably since the first introduction of the BAS.
The Business Activity Statement (BAS) is a tax reporting tool needed by the Australian Taxation Office. It is distributed by the ATO to notify you of your tax obligations and the deadline for lodgment. It is distributed monthly, quarterly or annually, based on the choice chosen when registering your business for GST.
Your BAS will help your company record and pay these types of tax:
- Goods and Services Tax (GST)
- Pay As You Go (PAYG)
- PAYGW Withholding Tax
- Pay As You Go Instalments (PAYGI)
- Fringe Benefits Tax (FBT)
- And various other taxes
You are required to lodge and pay your BAS by the due date presented on your business activity statement (BAS). (If it occurs on a weekend or public holiday, you will have till the subsequent business day.)
A registered BAS and tax agent (such as us) receives an extra 4-week concession from the ATO for lodgements and payments. You can profit from this concession, as we can assist you in lodging your activity statements and creating a streamlined service for you to use, giving you more time to operate your business
You must register for GST:
- when your business or enterprise has a GST turnover (gross income from all businesses minus GST) of $75,000 or more.
- when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation.
- if you’re already in business and have reached the GST threshold.
- when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover.
- if you want to claim fuel tax credits for your business or enterprise.