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.