Preparation and lodgement of BAS returns

With the GST rules constantly changing, do you and your staff find it difficult to stay up to date with current BAS legislation? You may do your bookwork internally but not have the confidence to complete that monthly or quarterly BAS. A registered BAS Agent such as Bookkeeping and More can be engaged every BAS period to review your data file, make any adjustments necessary and prepare your BAS return.

Business Activity Statements (BAS)

A BAS return is used to report a number of tax obligations to the ATO. They must be submitted periodically and there are penalties for late lodgment. Your reporting and payment period is shown on your activity statement and it will be either monthly, quarterly or annually. Statements can be lodged electronically or via paper return.

Goods and Services Tax (GST)

GST is a broad-based tax of 10% imposed on most goods, services and other items sold in Australia. Depending on your turnover or service, you may need to register for GST. If you are registered, GST is included in the price of most goods, services and other things you sell to others in the course of your business. These are called taxable sales. There are other types of sales where GST is not included in the price these are either GST-free sales or input taxed sales.