Ambition Accounting

Business Activity Statement

When you report monthly, quarterly or yearly, ensure that your records are true and accurate. You should submit BAS on time to avoid late fees and penalties and to ensure that you’re claiming all the GST credits you’re entitled to. Getting the figures wrong could mean paying more tax than you have to. Our registered BAS bookkeepers work directly with the ATO to ensure your obligations are met.

A business activity statement is a form that reports your tax obligations. You should fill out your business activity statement if you run a business or own a property. A Business Activity Statement will also report other tax obligations, such as GST, pay as you go withholding, and luxury car tax. This form must be filed every year by all registered businesses in Australia. You should know exactly what a Business Activities Statement is and how to complete one.

In general, the Business Activity Statement is an annual report that is required by the Australian Taxation Office to show the net GST that you collected throughout the year. You can either lodge this document yourself or use a registered tax practitioner to do it for you. There are two main ways to lodge a Business Activity Statement. First, you can file it electronically. Alternatively, you can mail it to the Australian Taxation Office. This way, you can avoid paying a lot of fees.

There are a number of different ways to lodge a Business Activity Statement. You can file it online or by mail. The most convenient way to lodge a Business Activity Statement is to use accounting software. In most cases, you can submit your BAS online, through a phone call, or through the mail. However, you must make sure to lodge your BAS on time. As a result, you’ll avoid hefty financial penalties and get your money back quicker than you anticipated.

A Business Activity Statement is important for your accounting records. You must submit it on time each quarter. If you have a small turnover, you can report your activity statement every month. Otherwise, you’ll have to file it yearly. Depending on the amount of turnover, you can choose to file your BAS quarterly or annually. You should also ensure that you file it on time every year. In addition to being required to lodge the BAS, you should prepare a copy for yourself and store it securely.

While you may be tempted to skip filing your business activity statement, it is an important part of owning a business. As long as you keep your accounts in order, it can be a breeze. Just remember that it’s important to have a Business Activity Statement that accurately reports all your payments. You can lodge it either quarterly or annually. You’ll need a BAS if you make over $150,000 per year, or if you make less than $75,000.

If you don’t have a professional accountant, you can lodge your BAS yourself, or you can hire a registered agent. You can also choose to lodge it yourself. You must ensure that you have an Australian Business Number. The ATO will send you the BAS form prior to the due date. You can easily complete the form yourself. You can contact the ATO to make arrangements for filing your BAS. You can choose between filing it yourself or with a registered agent.