The ATO site is full of information to assist you in your tax reporting requirements – and tells you what your bookkeeping needs to supply you, to prepare the form at the GST labels on your BAS (Business Activity Statement). Here is the KEY details about what the BAS is, and about EACH label on the BAS – from the ATO site –
- Business activity statements (BAS)
The business activity statement (BAS) is a tax reporting requirement for businesses issued by us on either a monthly or quarterly basis. It’s used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other tax obligations.
When you register for an Australian business number (ABN) and GST, we will automatically send you a BAS when it is time to lodge.
All businesses registered for GST are required to lodge a BAS by the due date.
Next steps:
- Preparing your business activity statement (BAS)
- How to lodge your BAS
- Due dates for lodgment and payment
- Completing the GST labels on your BAS
You must complete the goods and services (GST) tax section of your business activity statement (BAS) if your business is registered for GST.
The GST labels you complete depend on the GST reporting option you have chosen:
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Option 1 |
Option 2 |
Option 3 |
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If varying: G22 Estimated net GST for the year |
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If varying: G23 Varied amount for the quarter |
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If varying: G24 Reason code for variation |
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I wanted to thank you for explaining what the BAS is. It’s good to know that this is actually a requirement for businesses that are issues monthly or on a quarterly basis. I’m kind of interested to learn if the frequency of these statements depends on the industry the business is in.
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Thank you Taylor for reading and commenting
Another tip – If you need to correct amounts on a BAS – here are instructions in this article – https://accountkeepingplus.wordpress.com/2013/11/19/business-tax-tips-correcting-gst-mistakes-in-current-bas-instead-of-amending-past-bas/
Let me know if you need anything else
Take Care
Paul
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HI Taylor, thank you for reading. THe frequency of BAS depends not on industry but the size of the business turnover and payroll – eg Quarterly if under $20 mill turnover for GST, unless the ATO specifies otherwise,: and PAYG withholding from staff pays, under $25,000.
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