BAS/GST Lodgement
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According to ATO guidelines, every business with an annual turnover above the proposed thresh-hold (may change year on year) must be registered for GST. What exactly happens is that when you sell your products and services, you are actually collecting the GST on behalf of the government. On the other hand, a business pays GST when purchasing products and services to be used in your business. The BAS is an official report that records your net GST position.
BAS
BAS is the official record of the GST a business collects and pays. In a lot of cases, a business doesn’t have to pay all of the GST they collect because the GST you pay in business purchases is offset against the GST a business collects.
BAS needs to be recorded and lodged with the ATO. The ATO has different reporting times – monthly, quarterly, yearly – on the basis of business and turnover. In Australia, most businesses choose to lodge their BAS quarterly.
While filing your BAS, you should include pay as you go (PAYG) withholding instalments deducted from employees’ wages. Also, if there’s any other withholding taxes you are required to collect needs to be reported.