If you are a business registered for GST, you need to lodge a business activity statement (BAS) regularly.
The BAS will help you report and pay your:
- goods and services tax (GST)
- pay as you go (PAYG) instalments
- PAYG withholding tax
- other taxes including wine equalisation tax (WET)
Many of our clients report and pay GST quarterly. If your GST turnover is greater than $20 million you will be required to report and pay GST monthly.
If your GST turnover is less than $10 million you will use the Simpler BAS reporting method in most cases. What does this mean? This means you will report amounts against the following items:
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
BAS due dates for quarterly reporting are typically 28 days after the quarter end (with the exception of the December quarter where an extension is given). If you have a registered tax agent, you have a longer time frame to report each quarter. Just another of the many benefits of having a registered tax agent like BeLLCORP Accountants.