What is BAS, and Why Does Your Business Need to Lodge it?

BAS is the common term for Business Activity Statements, which is the return that every business registered for GST must submit to the Australian Taxation Office. You can lodge the return yourself but most businesses prefer an accounting firm to submit their BAS.

The Business Activity Statement may also cover income tax, wine equalisation tax, fuel tax credits, and fringe benefits tax. The frequency of lodging BAS might change depending on your business size.

Help Meeting Your Obligations

Rands Advisory Group can advise on the record-keeping practices necessary to ensure your business accurately identifies its GST liabilities and claims all of the GST credits to which it is entitled.

We can review the records you or your staff have prepared and finalise any outstanding requirements. If you have a computerised accounting system, we can run off the reports needed for BAS or review the reports you have prepared. If you have a manual system, we can arrange for the efficient extraction of information to allow the BAS to be prepared in a way that also provides other financial information. We can lodge the BAS for you, and if you are running behind, we can give you additional time to lodge or pay your BAS.

BAS Hot Spots

Over the years, we have found that the following areas are those which have caused preparers of BAS difficulty and are prone to error:

• Financing of large assets

• Sales and purchases of real estate as a property developer

• Entertaining expenses

• Sale and purchase of businesses

• Bank fees and charges

Assistance with GST and BAS?

Rands Advisory Group can help with your GST and BAS preparation or review. Please contact us to learn how we can help you.