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Business Activity Statements commonly referred to as BAS’s are used to report and pay a number of business tax obligations, including GST, PAYG withholding, Fringe Benefits Tax (FBT), Wine Equalisation Tax and pay as you go (PAYG) installments. Individuals who need to pay quarterly PAYG installments will use Activity Statements. PAYG installment amounts can be varied to match up with the business or investment activity for the period.
Some businesses are eligible to claim Fuel Tax Credits for fuel that is used in machinery, plant equipment and heavy vehicles. The business must be registered for GST and Fuel Tax Credits before you can make a claim.
Insight Accounting offers a comprehensive service for completing and lodging the statements. You can lodge and pay electronically, by mail or in person. You must lodge on time to avoid interest and penalties. If you can’t lodge or pay by the due date, contact us as soon as possible.
Usually, arrangements can be made with the ATO to pay your tax debt over an extended time period. Be aware that a General Interest Charge (GIC) may be applied to outstanding debts.