GST and BAS Lodgement
Every business owner in Australia has a responsibility to maintain accurate financial records. Also, it is important to meet all the tax obligations that include submitting regular Business Activity Statements (BAS), among other things the Goods and Services Tax (GST) that you have collected and spent.
According to ATO guidelines, every business with an annual turnover of over $75,000 must be registered for GST. What exactly happens is that when you sell your products and services, you are actually collecting the GST on behalf of the government. On the other hand, a business pays GST when purchasing products and services to be used in your business. The BAS is an official report that records your net GST position.
For businesses with a turnover of less than $75,000, registering for GST is optional. If a business isn’t registered for GST, then they can’t offset the GST on the products and services that they purchase for their business use.
This is an important decision for businesses with turnover less than $75,000. KPG TAXATION team can help you take the crucial decision wisely.
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BAS is the official record of the GST a business collects and pays. In a lot of cases, a business doesn’t have to pay all of the GST they collect because the GST you pay in business purchases is offset against the GST a business collects.
BAS needs to be recorded and lodged with the ATO. The ATO has different reporting times – monthly, quarterly, yearly – on the basis of business and turnover. In Australia, most businesses choose to lodge their BAS quarterly.
While filing your BAS, you should include pay as you go (PAYG) withholding instalments deducted from employees’ wages. Also, if there’s any other withholding taxes you are required to collect needs to be reported.
You don’t need to worry about the nitty-gritty of Accounting when KPG Taxation is with you. All you need to do is provide us with your source documents or accounting files and we will complete your BAS. We have 10 offices in Australia where you can easily visit and get your GST and BAS lodged. Also, we provide online services for lodging GST and BAS. Call us today to know the attractive package to suit businesses of every size. Avoid BAS incomplete penalty and ensure that your BAS is completed correctly. At KPG Taxation, our team of experts can assist you with all areas of GST and lodgement of BAS.