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BAS

Business Activity Statements (BAS) are used for reporting taxable activities including GST
These are issued by the ATO on either a monthly or quarterly basis and are used to report and remit payments to the ATO including GST. If you are not registered for GST you will not receive BAS.
We have found many issues with the standard "off the shelf" accounting programs' methods of handling transactions and so developed some tricks and add-ins to ensure our clients BAS is correct every time.
Regardless of whether we prepare the BAS here using our workflow or if our clients complete the process themselves our methods aim to produce an auditable file every quarter.
* What is reported on a BAS?
  1. Goods And Services Tax (GST)
    Complete the Goods And Services Tax (GST) section of your activity statement if you are registered for GST. GST is a broad based tax of 10 per cent on the supply of most goods, services and anything else consumed in Australia. As an entity conducting an enterprise and registered for GST, you generally have to pay 10 per cent GST to the ATO when you make a supply of most goods, services and anything else in the course of your business. These are called Taxable supplies.
    There will also be GST included in the price of many of the things you purchase or acquire for your business. These are called Credible acquisitions. You can claim input tax credits for this GST on your activity statement. You can also claim input tax credits for GST paid on credible acquisitions that have been imported.
    The difference between the amount of GST you pay on Taxable Supplies you have made and the Input Tax Credits you are entitled to is the amount of GST you owe to, or are owed by, the ATO.
  2. Pay As You Go (PAYG) Withholding
    Complete the PAYG withholding section of your activity statement if you have withheld tax from payments to others (such as employees).
    The new PAYG withholding system provides a standardised way to help businesses work out which types of payments are subject to withholding. The rates of withholding are usually in accordance with the withholding schedules (Tax Tables) published by the ATO.
    Withholding arrangements generally apply to salary or wage type payments made to employees, payments to company directors and other office holders and a range of other payments. Withholding arrangements also apply to payments made on invoices where a supplier has not quoted a ABN.
  3. Pay As You Go (PAYG) Instalment
    Complete the PAYG instalment section of your activity statement only if there is a figure preprinted at section T2 on the back of your activity statement.
    Most individuals and entities with business or investment income are required to pay PAYG instalments on that income. If you are registered for GST, you pay PAYG instalments quarterly. You work out the amount of your quarterly instalment by multiplying your instalment income for the quarter by an instalment rate provided by the ATO.
    The instalment rate is based on information taken from the most recent assessment for your most recent income year for which an assessment has been made.
  4. Fringe Benefits Tax (FBT) Instalment
    Complete the FBT instalment section of your activity statement if your previous years FBT liability was $3000 or more.
    FBT is a tax payable by employers in respect to fringe benefits provided to employees in the placeof, or in addition to salary or wages. Instalments for the FBT year are payable on 21 July, 21October, 21 January and 21 April
  5. Wine Equalisation Tax (WET)
    Complete the Wine equalisation tax section of your activity statement if you have made a taxable sale of wine in the current tax period or you have paid wore Wine equalisation tax than was properly payable.
    Wine equalisation tax is a tax on the last wholesale sale (that is a sale to a reseller) of wine in Australia. Wine equalisation tax is imposed at the rate of 29 percent on the wholesale selling price of wine. If wine is not sold by wholesale, alternative values are used to calculate Wine equalisation tax.
  6. Luxury Car Tax
    Complete the Luxury car tax section of your activity statement if you have made a taxable supply of a luxury car in the current tax period. Luxury car tax applies from 1 July 2000 and it applies at a rate of 25 per cent of the value of a car above the luxury car tax threshold, but excluding the GST component above the threshold.
    This threshold is equal to the GST–inclusive car depreciation limit for income tax purposes. If this applied to the 1999/2000 income year, the income tax threshold would be $55,134.

 

 

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