What are Business Activity Statements (BAS)?
- GST (Goods and Services Tax) collected and paid
- PAYG (Pay As You Go) withholding amounts
- PAYG instalments
- WET (Wine Equalisation Tax)
- Fuel Tax Credits (FTC)
Businesses are required to file a BAS if they are registered for GST, regardless of their annual turnover. The frequency at which a business is required to file a BAS depends on their annual turnover and GST registration status. For example, most businesses with an annual turnover of less than $20 million are required to file a BAS on a quarterly basis, while businesses with an annual turnover of more than $20 million are required to file on a monthly basis.
A BAS typically covers a specific reporting period, such as a calendar quarter or month. The business is required to report the information for that period, and to pay any amounts owing to the ATO by the due date. It’s also important to note that the business may claim any GST credits it is entitled to on the same period. Amaze Accounting can help assist you in this with the BAS accountant services in Sydney.
In addition to the tax-related information, businesses are also required to provide certain identification information, such as their Australian Business Number (ABN) and GST registration number, on the BAS.
It is also worth noting that Business Activity Statements are now known as “Activity statements” and can be submitted online via the Business Portal or through a Registered Agent.
What is the difference between BAS and IAS?
Business Activity Statements (BAS) and Instalment Activity Statements (IAS) are both forms that businesses in Australia are required to file with the Australian Taxation Office (ATO). However, they serve different purposes.A Business Activity Statement (BAS) is used to report a variety of information to the ATO, including GST collected and paid, PAYG withholding amounts, PAYG instalments, WET, and Fuel Tax Credits (FTC). It is generally required to be lodged quarterly or monthly, depending on the business’s turnover and GST registration status.
An Instalment Activity Statement (IAS), on the other hand, is used to report and pay income tax instalments to the ATO. These instalments are a way of spreading the payment of a tax liability over the course of the year, rather than paying the entire amount in one lump sum at the end of the financial year. Businesses are required to lodge an IAS if they are eligible for the pay as you go (PAYG) instalments system, this means that instead of calculating their end of year tax liabilities, they pay the tax authorities periodically (monthly or quarterly) based on the estimate of their income for the entire year.
To summarise, a BAS is used to report and pay GST-related taxes, while an IAS is used to report and pay income tax instalments.
What’s So Impeccable About Our Registered BAS Agents in Sydney?
Investing in our registered BAS agents in Sydney means reserving a safe harbour for your business, especially when it’s BAS time. They are an exception in this industry, which you can experience once you start working with them.
Benefits of Using Amaze Accounting as your BAS Agent
- Access expert advice to help with savings on taxes
- Never miss a BAS deadline
- Accurate reconciliation of all your business activity
- Safe harbour laws give you an additional level of protection for your business if mistakes are made when lodging your BAS
- Protected by code of conduct that we your professional accountant we must abide by
- As Registered Tax Agents, we are afforded additional time privileges with BAS lodgements for your business if you miss the due date
- Our team includes qualified CPAs and Chartered Accountants. This means we must adhere to professional ethics, have adequate Professional Indemnity Insurance, and meeting Continuing Professional Development learning requirements
- Time savings – so that you can focus on your business
Keeping BAS Filing Easy for Your Business!
If you want to file your BAS in the best manner possible and gain the biggest benefits from it, you must invest in our specialised team of BAS agents. They are registered, which makes them your best bet for filing BAS. So, if you have made your decision, call us now at 1300 92 32 19, 02 8526 0040 or book online in our website, to get started without looking back!