Each quarter, GST-registered small businesses submit a business activity statement (BAS) to the Australian Tax Office (ATO). The BAS will show how much GST was collected from customers, and how much GST was paid to suppliers.
This lets the business work out their GST bill or refund, what tax needs to be withheld from payroll and submitted to the ATO, and their income tax instalments if they use the pay-as-you-go-system.
Any business can register for GST, but you’ll have to do it once you pass a certain income level or want to claim fuel tax credits, or provide taxi services.
If you’re using accounting software, lodging your BAS can become simple. You can even lodge it directly through your platform.
If you have any questions or need any help, contact us and let us help, click here or call
Bendigo 03 5445 4777
Melbourne 03 8621 8100