Articles Blog
Bookkeeping – BAS – What is the BAS statement and the accounting the bookkeeping needs to cover
- Details
-
Published on Thursday, 20 September 2018 09:40
The ATO site is full of information to assist you in what is the BAS statement and the accounting the bookkeeping needs to cover, to prepare the form at the GST labels on your BAS (Business Activity Statement).
Here are the KEY details from their site about what the BAS is,
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;
- Other taxes.
When you register for an Australian Business Number (ABN) and GST we will automatically send you a BAS when it is time to lodge.
Your BAS is broken up into sections, called 'labels', and you need to fill out different labels depending on how you choose to report and pay.
Next step:
The main area small business need to report on (if registered for) is GST –
Goods and Services Tax (GST)
Goods and Services Tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.
You must register for GST if:
- your business or enterprise has a GST turnover (gross income minus GST) of $75,000 or more
- your non-profit organisation has a GST turnover of $150,000 per year or more
- you provide taxi or limousine travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
- you want to claim fuel tax credits for your business or enterprise.
If your business or enterprise doesn’t fit into one of the above categories, registering for GST is optional. However, if you choose to register, you generally must stay registered for at least 12 months.
If you are a business, you use a BAS to:
- report and pay the GST your business has collected
- claim GST credits.
Find out about:
Detailed Instructions
You also get FREE30 min to assist in setting up your company in the software,
and FREEongoing email or phone support – no-one offers as much!
Email
This email address is being protected from spambots. You need JavaScript enabled to view it.
or call 0407 361 596 Australia
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
