Business Activity Statements
Business Activity Statements (BAS) are used by business’s to report and pay a number of tax obligations, including GST, Pay As You Go (PAYG) instalments, PAYG withholding and Fringe Benefits Tax. This is the ATO’s way of combining a range of taxes into one statement to make it easier for you to collect and report information and monies that are due to the ATO, making sure that none are forgotten.
The ATO will generally issue your activity statement around 2 weeks before the end of your reporting period. It will need to be completed and lodged by the due date which is set by the ATO, and any amounts owing will also need to be paid. It is important to keep a copy of your activity statement and the records used in the preparation of it for five years in case the ATO have any enquiries or choose to carry out an audit on your business and its books.