Question 4 - What Is A Business Activity Statement?
A Business Activity Statement (or more commonly referred to as a BAS) is an Australian Taxation Office form issued to all GST registered entities. It reports a businesses’ Goods and Services Tax (GST) activity for the period.
Where required, the Business Activity Statement also reports your PAYG withholding obligations, fringe benefits tax obligations and any PAYG income tax instalments that may apply to your business. Most Business Activity Statements are issued quarterly, however, in some circumstances a business may be required (or voluntarily elect) to complete their Business Activity Statements on a monthly basis.
OTHER QUESTIONS IN THIS SERIES:
- What Steps are Involved in Starting a Business?
- Do I Have to Register for GST?
- What Tax Records Do I Need to Keep for My Business?
- What’s the Difference Between an ABN and an ACN?
- Do I have to include GST on my Invoices?
- What Software do You Recommend for My Start-Up Business?
- How Much Tax Do I Pay?
- Can I Claim my Motor Vehicle Expenses?
- What Do I Need to Do When I Employ My First employee?
- Whats The Most Appropriate Tax Structure For My Business?
- Are You Small Business Experts?
- How Much Do You Charge?
- How Do I Change Accountants?