As a business owner, it is your responsibility to maintain accurate financial records and meet all your tax obligations. One of these obligations is submitting regular Business Activity Statements (BAS) that report among other things the Goods and Services Tax (GST) that you have collected and spent.
For businesses with a turnover of over $75,000, you must be registered for GST. When you sell your products and services, you are collecting GST on behalf of the government. You also pay GST when purchasing products and service to be used in your business. The BAS reports your net GST position.
For most businesses, if your turnover is less than $75,000 then it’s optional if you want to register for GST or not. If you aren’t registered for GST, then you are not able to offset the GST on the products and services that you purchase for business use.
If your turnover is less than $75,000, we recommend you speak to us at The Tax Factor as we can assist with making this important decision.
Your BAS is the official record of the GST you collect and pay. In most cases, you don’t have to pay all of the GST you collect. The GST you pay on items or services you have purchased for business use is offset against the GST you collect.
Your BAS needs to be completed and lodged with the ATO. The ATO has different reporting obligations – monthly, quarterly, yearly – depending on your type of business and turnover. Most businesses will lodge their BAS quarterly.
When lodging your BAS, it should also include pay as you go (PAYG) withholding instalments deducted from employees’ wages, and any other withholding taxes you are required to collect
Simply provide us with your source documents or accounting files and we will complete your BAS.
We offer a GST and BAS package to suit businesses of every size. Avoid BAS potholes and ensure that your BAS is completed correctly. Call The Tax Factor on 1300 829 322 or complete our online form.
At The Tax Factor, our team of experts can assist you with all areas of GST and lodgement of BAS.
Start the process today, call The Tax Factor on 1800 829 322 or complete our online form.