All You Need To Know About Business Activity Statement (BAS)

December 30, 2020    Taxagent Perth

Business Activity Statement is a tax report form required to be filled by a businessman who has an authorised business in Australia. BAS form is a bit complicated procedure to fill out and businessmen often face a hindrance. To help them out, there are authorised BAS Agent Services. These services send their BAS agents to the respective business people and guide them in this process.

What Does The Business Activity Statement Record and Pay For?

The BAS form reports and consecutively pays for the following accounts such as

  • The deferred payment of Pay As You Go (PAYG)
  • Goods And Service Tax (GST)
  • Retention tax of PAYG
  • Miscellaneous taxes

When Do You Receive Your BAS Number?

You receive your BAS number as a reminder to pay your tax from time to time as soon as you register for GST and Australian Business Number (ABN).

Now you need to know all about completing your business activity statement in order to avail of any BAS tax return services.

What Are The Required Documents?

To proceed with this, all you need are

  • A document ID
  • BAS number

Read More:- Documents Required To Lodge Tax Return in Australia

How To Proceed With The Report Process?

You can lodge for your BAS tax return through an online process and updating your report on a quarterly basis is mandatory. Lodging for the tax return service gives you the advantage of a concession for a period of two weeks to complete the reporting process and pay. There is a secure business ATO portal where you can avail your tax related businesses. There is software that is SBR enabled, which means you can lodge your business statement securely from any accounting services.

All about Time Period of Your Report Lodging Statement

This is a pretty serious thing to consider – lodge your tax return statements on time. It is advised to make a statement on a quarterly basis. Some business requires to update on their statement each month as that may help in organizing the business and keeping a steady account of their business status. The monthly update system is usually availed by big business holders with lot of organizations and management. For small business owners, quarterly is proposed to give them time and space. You can get in touch with a tax return agent to check what suits best for you.

What Are The Possible Dates Of Report Submission?

Apparently, the due date of any individual submission is 28th of each month every quarter. For example, if you make your statement report on 28th September, the next report should be lodged on 28th January.

For those doing BAS on a monthly basis, their due date of submission is 21st of every month. In case of holidays or weekends, this date may get pushed. Is There Any Provision For Early Payment?

This is a strategy used by many businesses to see if they have any available funds. Yes, this is possible to make an early BAS payment before the time approaches. For this, you should consult a tax agent in Perth to collect your reference payment number.

Read More:- Why A Business Advisor Is Important And How Can You Hire The Best One?

Fearing About Making Any Glitch

Tax related payments, documentation, or any procedure must be done carefully without making any mistake. Still, we are mortals and to err is human. So, there is always room for improvement. BAS is no exception. If you make any mistake in stating wrong figures, you can always inform the ATO and they take care of letting you make amends. Sometimes, this is balanced with the next BAS payment as well, to make things even.

Receive Your Statements

You can receive your statement through the portal you have used to lodge your report.
Your Tax Return Agent will take care of your queries in case you have any. For your future reference, you have the necessary details of your documents.

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