By tax Law, you must lodge your Business Activity Statement (BAS) and Installment Activity Statement (IAS) before the due date. A late lodgement penalty may charge for late lodgement and interest may incur on late lodged ATO overdue debts.
BAS and IAS are the ATO Forms to report below tax liabilities to Australian taxation office (ATO).
- Goods and Service Tax (GST)
- PAYG Withholding
- PAYG Income tax installment
- Fringe benefit tax
- Fuel tax credit
Brief Definition of above Terms –
Goods and Service tax (GST)
Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. The responsibility to collect, report and pay the GST to Australian taxation office from customer goes to business. Business owner register for GST report and pay their net GST via BAS usually.
PAYG Withholding
Under PAYG withholding, you need to withhold tax from certain payments made to others. These payments include:
- Payments to employees, company directors and office holders
- Payments to workers under a labour-hire agreement
- Payments under voluntary agreements
- Payments where an Australian business number (ABN) has not been quoted in relation to a supply.
All this PAYG withholding will be either reported via BAS or IAS.
PAYG Instalment
PAYG installment represent the advance tax towards your business year end income tax based on option you choose. The main reason behind the PAYG installment is to put money aside for year-end tax so that you do not need to pay huge amount of tax after a year.
Fuel Tax Credit
Your business may be eligible for credit for fuel tax (Excise or custom duty) on fuel used in machinery, plant, equipment, heavy vehicle and light vehicles traveling off public roads or on private roads if they meet the fuel tax credit criteria as per tax law.
Please contact us to access whether your business is eligible for fuel tax credit or not?
As business owner, you always try to minimize your GST payable. With more than 10 years of expertise, our tax accountant always reviews your accounts and send you the review question for missing obvious business expenses which you may forgot to disclose us. With our qualified tax account your net GST payable are accurate and as per GST act, there will be hardly any under declaration of GST in case of ATO audit. Which assures business owner that there will be no unpredicted GST payable in future.
We are one of the experts, when it comes to BAS for small business entities. Due to cost and time issue, small business owner cannot afford their own accountant to prepare the BAS. Hence what we offer to small business owner is complete solution to BAS lodgement at affordable price, its covers from bookkeeping to lodgement.
