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Business Activity Statement is a compulsory reporting obligation for small businesses with a turnover of more than 75k and registered for GST.
In BAS, we mainly report business sales and expenses and how much GST was collected and paid along with wages and tax withheld and then make the payment to the taxman on monthly or quarterly basis.
To simplify things for small businesses, here is how GST works.
Assume you are registered for GST and charged your customer $1,000 plus $100 for the GST which is equal to $1,100
Assume you also bought some materials for the job and paid $300 plus $30 for GST which is $330.
In the example, you have collected $100 GST and paid $30 GST and will owe the taxman $70 GST, as you will be claiming GST on Purchases.
The BAS Report can get complicated sometimes depending upon the size and nature of the business, but we are always here to simplify things for you.
Using a professional accountant to assist you with BAS Report can save thousands of dollars and make sure you have reported the right figures.
Secondly you get another month extension to pay GST to the taxman which creates favourable cash flow position for your business.
Why not call us today at 1300 001 829 and we can help you simplify your BAS and save tax.
For a simple BAS, the prices only starting from $67 and it can save you thousands in tax.
Enquire today about our BAS Services for Your Perth Business