What are Business Activity Statements (BAS)?

A Business Activity Statement (BAS) is a form that businesses in Australia are required to file with the Australian Taxation Office (ATO) on a regular basis. The form is used to report a variety of information to the ATO, including:

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?

Other than being registered and certified, our BAS agents make sure that there is perfect preparation and lodging of Business Account Statements (BAS) on behalf of your business. They keep an innovative approach to this in order to assure you of the biggest benefits down the line. Further, their advice on BAS tax elements is undoubtedly very valuable, and you can always count on them for the best insights into this. What’s so amazing about our agents is that they keep gathering knowledge from the industry in order to serve you better at every stage of your professional life.

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

There are multiple ways to do your own BAS lodgement. However, there are many benefits of availing the services of 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!

FAQ

What is a Business Activity Statement (BAS)?

A BAS is a form that businesses in Australia are required to submit to the Australian Taxation Office (ATO) on a regular basis. It reports and pays GST, PAYG withholding and other taxes.

How often do I need to submit a BAS?

The frequency of BAS submission depends on the size of your business and your GST turnover. For most businesses, it is quarterly, but it can also be annual or monthly.

What information do I need to include in my BAS?

Your BAS should include information on your GST, PAYG withholding and other taxes, such as luxury car tax, wine equalisation tax, fuel tax credits and other taxes. You will also need to provide details of your sales and purchases during the period, as well as any adjustments or corrections to previous BAS.

How do I lodge my BAS?

You can lodge your BAS online through the ATO’s Business Portal, or through a registered tax agent. You can also lodge a paper BAS, but this is becoming less common.

Can I get an extension for lodging my BAS?

You may be able to request an extension for lodging your BAS if you are experiencing difficulty in meeting the lodgment due date. But you will need to apply for the extension in advance and the ATO will consider your application.

What happens if I don’t lodge my BAS on time?

If you do not lodge your BAS on time, you may be subject to penalties and interest charges. Additionally, the ATO may take legal action against you, which can result in fines and even imprisonment.

Can I get help with my BAS?

Yes, you can get help with your BAS from a registered tax agent or from the ATO. They can assist you with understanding your obligations and ensuring that your BAS is completed correctly.