Business Activity Statement (BAS) Preparation
A Business Activity Statement or (BAS) Preparation is a form for businesses and entities, designed as an all in one statement for most taxes. Once a business has an Australian Business Number (ABN) and is registered to pay Goods and Services Tax (GST) they must fill out their GST returns. GST returns are included in the form along with a number of other taxes and instalments such as Pay As You Go (PAYG) Fringe Benefit Tax (FBT) and Company Tax Instalments. Statements are usually filled in monthly or quarterly depending on your business structure and the size of your turnover.
What to Do
Generally the Business Activity Statement (BAS) is fairly straightforward and will be supplied to you by the Australian Tax Office (ATO) two weeks before you have to report. The form needs to be filled out correctly, on time by the due date and any mistakes or inconsistencies can carry heavy penalties. If the mistake is a legitimate one the penalty will be small however if found to be intentional or misleading the penalties can be very sever.
If you’re having trouble with filling out your Statement, simply don’t have the time or you want to make sure you receive the maximum return due, Gilberts Accounting can help you. Our experienced staff can help you properly prepare your Business Activity Statement so you won’t have any problems with errors and needless penalties. We’ll help you get your form in on time so you can receive any refunds due, in a timely manner.
What We Offer
By helping you with your BAS preparation we can eliminate any mistakes, make your form clear and accurate and help you sort any issues such as forms that weren’t previously filed and outstanding debts you might owe to the ATO. For many, filling out a statement isn’t so straightforward and for most, if not all, it’s important to maximise any refunds due.