Businesses use activity statements to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefits tax. Individuals who need to pay quarterly PAYG instalments also use Activity statements.
Activity statements are personalised to each business or individual to support reporting against identified obligations. Businesses have to lodge a BAS monthly, quarterly or annually with how often you have to lodge depending on the size of your business. When deciding how often to lodge your BAS, consider the effect (such as on cashflow) that some compliance obligations may have on your business.
If like most business operators, you’re too flat out running a business and earning money to give much thought to that added chore of filling in and lodging a monthly, quarterly or annual Business Activity Statement (BAS). However, the ATO is zoning in on tax fraud and it is getting harder and harder to get away with being non-compliant.
Qgr Accountants on the Gold Coast make sure your Business Activity Statement (BAS) lodgement is correct and you can rest easy knowing your ATO tax liabilities and obligations are sorted. Qgr offer a range of BAS lodgement options and services to suit your individual business needs.