Online Tax Return

Business Activity Statement (BAS) Returns

If you are a business registered for GST, you need to lodge a business activity statement (BAS). Your BAS will help you report and pay your:

  • Goods and Services Tax (GST)
  • Pay As You Go (PAYG) Instalments
  • PAYG Withholding Tax
  • Other Taxes.

Once registered for GST, It’s the regulatory requirement for all Australian businesses to lodge a Business Activity Statement (BAS) Return on a periodic basis every year irrespective of the structure of the business such as Sole Trader, Partnership, Trust, and Company. The tax laws pertinent to business are ever changing and might be complex in understanding sometimes and it’s very crucial to be on top of your GST and other tax obligations to avoid any potential difficulties regarding your business tax scenarios.

    We, TFP Tax Accountants, professionally understand and deal with BAS Returns and their associated facets to maximize any applicable rebates and concessions. Below are the most common type of BAS returns we are specialized in:

    • BAS returns for Sole trader (ABN Holder).
    • BAS returns for Partnership business.
    • BAS returns for Company.
    •  BAS returns for Trust.
    Whether you are operating under sole trader or a partnership business, or in company or in a trust and looking for your BAS Return Services, a dedicated team of professional tax consultants at TFP tax Accountants can assist you in taking care of your precise requirements. Working with businesses from different industries across Australia, we can assure you assisting you during any stage of your business and help keep your business running smoothly.

Instalment Activity Statement (IAS) Returns:

An Instalment Activity Statement (IAS) is a document sent out by the Australian Taxation Office (ATO) each month which applies to you if you deal with any of the following:

  1. You are not registered for Goods and Services Tax (GST), but you need to report PAYG Instalments, PAYG Withholding, ABN Withholding, and/or FBT Instalments.
  2. You submit quarterly Business Activity Statements (BAS), but you must also pay PAYG withholding tax monthly since you are classified as a medium withholder.

If this happens to you, give us a call and one our friendly tax advisor can help you understand and ensure that you are meeting your lodgment requirements.

Fringe Benefit Tax (FBT) Returns:

Fringe Benefit Tax (FBT) is the tax you as an employer pay for benefits you provide to your employees/their families/associates. You can claim tax deductions for the FBT paid and the cost of fringe benefits provided.   

Common examples of fringe benefits are:

  •  Educational fee reductions, Vehicle-related costs/parking
  •  Discounts offered to employees on products/services.
  • Accommodation/meal provisions, Recreational activities/events
  • Loan waivers/debt cancellations
  • Medical/health-related benefits, Access to sports/fitness.

    If you have an FBT of $3,000 or more in the previous financial year, FBT instalments will automatically be generated in your IAS (if you are required to report monthly) or your BAS (if quarterly). In other cases, you can report and pay in the annual FBT return.

    To find out more on how it can be tailored to your specific circumstances, please schedule an appointment with one of our experienced Tax Accountants by calling us on 08-9386 0047 or filling an online form www.tfptax.com.au/online-tax-return/.