BAS stands for business activity statement. It includes the following part:
• GST reporting
• PAYG withholding reporting
• PAYG income tax instalment
• Other tax obligations reporting, such as FBT instalment
• If you are quarterly reporter, you will need to report BAS within 28 days of the end of each quarter except December quarter which is due on the 28th of February. If you report BAS through a tax agent, further extension can be obtained.
• If you are a monthly reporter, you will need to report BAS within 21 days of the end of each month.
A friendly reminder from ML Tax Solution – adding up all the sales, GST and other tax elements reported in BAS, the ATO will pretty much get a clear picture for your yearly financial accounts, so don’t ignore your BAS.
Contact us on firstname.lastname@example.org or 03 95338980 if you would like to get your accounts and BASs in order.