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BAS / IAS

What are Annual Financial Statements?

We are here to assist you with your Business Activity Statement (BAS) and help you manage your GST obligations. Our team can handle the preparation and lodgement of your BAS to ensure accuracy and compliance with the Australian Taxation Office (ATO) requirements.

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How Can Amaze Accounting Help You?

Amaze Accounting can provide you with professional advice and guide you through the business registration process required by the various government agencies, saving you time and ensuring your business is set up correctly from the start.

Our Services include:

  • Advice about which business structure best suits your needs: sole trader, partnership, company or trust.
  • Assisting you with the application process for an Australian Business Number (ABN) and a Goods and Services Tax (GST) registration.
  • Helping you register a Pty Ltd Company, Partnership or a business name with the Australian Securities and Investments Commission (ASIC).
  • Guiding you through the process of registering for Pay As You Go (PAYG) withholding with the Australian Taxation Office (ATO) if you plan to employ staff.
  • Assisting you with the licenses and permits required to operate your business.

[FAQ’S]

Top Questions Answered

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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.

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.

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.

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.

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.

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.

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.