GST & BAS
As a business owner, it is your responsibility to maintain accurate financial records and meet all your tax obligations. One of these obligations is submitting regular Business Activity Statements (BAS) that report among other things the Goods and Services Tax (GST) that you have collected and spent.
What we do
Following legislations, maintaining accurate financial records, mandatory records submission and following tax obligations are necessary processes to be followed to run a successful business setting.
Submitting regular Business Activity Statements (BAS) that report among other things the Goods and Services Tax (GST) that you have collected and spent is one of the key tax obligation.
Goods and Services Tax(GST)
During every selling and buying processes, you are collecting GST on behalf of the government. You also pay GST when purchasing the resources for your businesses.
Any business with a turnover of over $75,000 must be registered for GST. If the annual turnover is less than $75,000 then it is not mandatory to register for GST. In this case, you cannot offset the GST on the resources you buy as well.
We follow the latest accounting principal, by laws and compliance requirements and this ensures that your financial records are accurately managed.Â
Detax can assist you with enquiries on GST registration.
Business Activity Statements (BAS)
The BAS reports are official records of your net GST position. It includes both the GST that you had paid and collected. he GST you pay on items or services you have purchased for business use is offset against the GST you collect. BAS should be completed and submitted to ATO in definite time period and this depends on the type of business. ATO has different reporting obligations such as monthly, quarterly and yearly but most businesses will lodge their BAS quarterly.
The BAS which is to be lodged to ATO should include pay as you go (PAYG) withholding instalments deducted from employees’ wages, and any other withholding taxes you are required to collect.
At Detax, our skilled professional assists you with GST registration information and BAS lodging procedure. All we need is your source document or accounting files and we will complete your BAS.
Regardless of the size of your business, Detax offer a GST and BAS package depending on your requirements.