The business activity statement (BAS) is a form submitted to the Australian Taxation Office by all businesses to report their taxation obligations.

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These include pay as you go withholding (PAYGW), pay as you go instalments (PAYGI), fringe benefits tax (FBT), wine equalisation tax (WET) and luxury car tax (LCT). PAYGW is sometimes known as "Income Tax Withholding (ITW)," PAYGI is sometimes known as "Income Tax Instalments (ITI)".[1]
There are a variety of different BAS forms which an organisation can complete. The form which a business receives depends on what taxation liabilities an organisation has (these are referred to as roles). Statements are usually issued quarterly, some roles can be reported at different frequencies depending on business structure and income. Some roles such as GST can be reported annually, subject to eligibility criteria being met.
Although activity statements are usually submitted quarterly, some entities are required to report obligations on a more frequent basis. Some entities may be required to report PAYG Withholding liabilities or GST on a monthly basis. [2]
Every activity statement carries a unique document identification number (DIN). Activity statements can be submitted to the ATO on paper (mail), by phone, electronically (via a Tax Agent's electronic lodgment system or "ELS"), or through the ATO business portal.[3]
Activity statements are processed by the Australian Taxation Office through its operations sub-plan. Any errors which occur with activity statements are usually handled by a department known as activity statement product (exceptions {ASP(E)}). ASP(E) operates under the operations sub-plan, client account services (CAS) business service line (BSL). Errors may occur when a business client reports figures incorrectly, where a client includes cent figures (only dollar figures are allowable), where an arithmetic error occurs, when a statement is submitted when no roles are active for the client, or when the handwriting on a paper statement is illegible.
The business activity statement was introduced in 2000 as a part of a major tax reform which also included the introduction of the goods and services tax (GST). The various forms and reporting methods have changed considerably since the initial introduction of the BAS.
This information is reprinted form site  http://en.wikipedia.org/wiki/Business_activity_statement


ANALYSIS
THE Intergenerational Report to be released today will be a dense, forward-looking guide to the economy which will amount to an elaborate “I told you so”.
The Government will use the report to justify dumping policies of past Labor governments and elevating its own measures in the Budget last May.
The report will take an informed look at the shape of Australia in 40 years time, but like its three predecessors it will largely be about the contemporary political struggle.
Prime Minister Tony Abbott has already announced it will show Commonwealth debt would have soared if Labor’s spending had been sustained. But under his Budget — had it made it through the Senate intact — a surplus would have been achieved and maintained for 35 years from 2019.

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It’s stunning that any government could claim to make an accurate depiction of economic life four decades hence when annual Budget projections can fall into a heap after just six months.
But there will be valid forecasts from this report, as there were with the first three, as to the nation’s changing demographics and the effect these changes will have on what we can afford. It will be interesting to see what has been included and what has been excluded.
We again will be told Australia’s aged population is growing and adding to the costs of health and welfare services.
We might not be given forecasts as to the effect of climate change on national productivity and outlays.
We will be told more taxpayers will be needed, with older people urged to put off retirement and stay at work.
We might not be told how big the population should be in 40 years and the tole of immigration in reaching that target.
The Government knows the overall shape of its second Budget to be released in May and the report will be designed to argue for those measures two months before their release.

This new is reprinted from site http://www.news.com.au/finance/economy/tony-abbott-will-use-intergenerational-report-to-sell-budget/story-fn84fgcm-1227248736793



Treasurer Joe Hockey insists the Australian economy is still performing well by international standards despite lower-than-expected growth figures.

The latest national accounts show the economy grew by just 0.5 per cent in the final three months of 2014, taking it to an annual rate of 2.5 per cent.

'Our economy over the past year has grown faster than the United States, Germany and obviously Japan and other key trading partners such as Hong Kong and Singapore,' Mr Hockey told reporters in Canberra on Wednesday.

'We are in a good position to manage the transition in our economy and maintain out positive economic trajectory,' he said.





-News is Reprinted from http://www.skynews.com.au/business/business/national/2015/03/04/economy-strong-by-international-standards.html#sthash.iUGBan5g.dpuf
The company was fined over two ads for its Naked Broadband 250GB Plan. Source: YouTube
INTERNET provider iiNet has paid more than $200,000 in fines for failing to display adequately the price of one of its advertised products.
The company was fined over two ads for its Naked Broadband 250GB Plan, which appeared in Melbourne on a billboard and tram in November 2014.
The Australian Competition and Consumer Commission (ACCC) said while the ads showed the cost of the product, the displayed price was not prominent enough.
As a result, the watchdog issued the company with $204,000 worth of fines.
“The total minimum price was included in the advertisement but the ACCC considered that it was not displayed in a prominent way, as required by Australian Consumer Law,” the ACCC said in a statement on Tuesday.

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ACCC chairman Rod Sims said iiNet was pursued because consumers must be able to understand “the true cost of an advertised product so that they can make informed purchasing decisions”.
“Businesses must ensure that when they advertise part of the price of a good or service, the total minimum price is also prominently displayed,” he said.
In December the ACCC fined Telstra more than $100,000 over an iPhone 6 advertisement it deemed to misrepresent the price of the phone.
The ACCC says action against telco providers remains a priority.
This news is reprinted from site http://www.news.com.au/finance/business/iinet-pays-200000-in-fines/story-fn5lic6c-1227246223771