Expert, Cost-Effective Services – Business Activity Statement Melbourne CBD
The Business Activity Statement (BAS) is a form submitted to the Australian Taxation Office (ATO) by all businesses to report and pay their taxation obligations. Before a business can complete, and submit, a BAS it needs to be registered for GST. Statements are usually issued quarterly but can be reported at different frequencies, depending on business structure and income. Some tax obligations such as GST can be reported annually, however this is subject to ATO’s eligibility criteria being met by the business.It is vital that all business owner/operators be aware that Failure To Lodge (FTL) on time may lead to FTL penalties. Avoid unnecessary legal or administrative issues, and have your Business Activity Statement Melbourne CBD completed by am Accounting Professional at MAS Tax. The elements of a BAS include:
GST
- A business uses an activity statement to report and pay the GST, your business has collected and claim GST credits.
PAYG income tax instalments
- You may receive an activity statement or an instalment notice to pay your PAYG income tax instalment.
Pay As You Go (PAYG) tax withheld
- As a business you withhold from payments to employees, contractors and company directors, and report in activity statement.
Fringe Benefit Tax (FBT) instalments
- FBT is separate from income tax. When your FBT is $3,000 or more in the previous year, you need to pay the tax quarterly by instalments with your activity statement.
Luxury car tax (LCT)
- This applies to cars with a GST-inclusive value exceeding the LCT threshold.
Wine Equalisation Tax (WET) Fuel Tax Credit
- Fuel tax credits provide you with a credit for the fuel tax (excise or customs duty) included in the price of fuel you use in some business activities, machinery, plant, equipment and heavy vehicles.
The Instalment Activity Statement (IAS) is used to report and pay the amounts withheld from your employee’s wages and salaries. Pay As You Go (PAYG) tax withheld calculation for businesses can be prepared by Bookkeeping Pros. The IAS form is prepared on monthly basis; this is also included on your quarterly BAS form. The Tax Office sends the IAS to taxpayers before they need to lodge it. The statement is personalised, with some parts already completed to save the taxpayer time and effort. At MAS Tax Melbourne CBD, we are here for you and can make lodging and keeping up with the BAS and IAS documentation as easy and efficient so that you never miss out on your entitlements.
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