BAS is Business Activity Statement. To report all taxation obligations to the Australian Taxation Office every business needs to submit a form called Business Activity Statement. It includes pay as you go withholding (PAYGW), pay as you go installments (PAYGI), fringe benefits tax (FBT), wine equalization tax (WET) and luxury car tax (LCT). BAS gives the complete business financial record analysis for a specific period of time.
Lost Cost BAS Preparation
To be on the most up-to-date details of business and to track the performance of business and growth BAS preparation is needed. BAS statement is compiled quarterly over the year, and there are some critical pieces of data and information that must be filled out in a comprehensive manner.
Lack of experience and attention to detail and results in the tax office rejecting or requesting resubmission of the statement. There are a variety of different BAS forms which an organization can complete. The form which a business receives depends on the taxation liabilities an organization has. It is important to file BAS on time to avoid penalties. If the Business revenue exceeds more than $20bn, BAS has to be filed monthly.
The ATO receives 80% of its total BAS statements from non professionals and while there are those with the time, organizational skills and understanding of what they are doing, unfortunately most do not do.
Points to remember while preparing BAS
1. Refer to invoice: Every business should hold a valid tax invoice to claim back any GST that is entitled to purchase. The tax invoice must also state the GST amount included in the price. Refer to these tax invoices when entering business transactions into your accounting software so you can attach the correct GST code to each entry. Some transactions may be GST free.
2. Reconcile All Accounts: To ensure all income and expense transactions Bank account record should be reconciled.
3. Record Capital Acquisition: In separate section of BAS the purchased article should be noted.
4. BAS lodgment Deadline: Penalties are charged by Tax Office if one is not prepared and lodge the BAS on time.
Benefits of BAS Lodging on time
to track business performance
To avoid penalty
to keep lodging history
this will give people time to organize payment arrangement
save in time to focus more on business
Lost Cost BAS Preparation
To be on the most up-to-date details of business and to track the performance of business and growth BAS preparation is needed. BAS statement is compiled quarterly over the year, and there are some critical pieces of data and information that must be filled out in a comprehensive manner.
Lack of experience and attention to detail and results in the tax office rejecting or requesting resubmission of the statement. There are a variety of different BAS forms which an organization can complete. The form which a business receives depends on the taxation liabilities an organization has. It is important to file BAS on time to avoid penalties. If the Business revenue exceeds more than $20bn, BAS has to be filed monthly.
The ATO receives 80% of its total BAS statements from non professionals and while there are those with the time, organizational skills and understanding of what they are doing, unfortunately most do not do.
Points to remember while preparing BAS
1. Refer to invoice: Every business should hold a valid tax invoice to claim back any GST that is entitled to purchase. The tax invoice must also state the GST amount included in the price. Refer to these tax invoices when entering business transactions into your accounting software so you can attach the correct GST code to each entry. Some transactions may be GST free.
2. Reconcile All Accounts: To ensure all income and expense transactions Bank account record should be reconciled.
3. Record Capital Acquisition: In separate section of BAS the purchased article should be noted.
4. BAS lodgment Deadline: Penalties are charged by Tax Office if one is not prepared and lodge the BAS on time.
Benefits of BAS Lodging on time
to track business performance
To avoid penalty
to keep lodging history
this will give people time to organize payment arrangement
save in time to focus more on business
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