When it comes to doing your own tax return, there are a lot of things to think about. In an ideal world, you would complete your tax return as accurately as you can, both to avoid fines for non-compliance and to minimise the amount of tax you have to pay. However, this isn’t always done. The main reason for mistakes on your tax return is simply a lack of knowledge. Unless you choose to use an accountant to do your tax return for you, you need to make sure that you understand every aspect of what you are required to do.
If you own a business, no matter what its size, you will probably be required to complete business activity statements (BAS). You are required to complete a BAS if your business is registered for GST, no matter how big or small it is.
What Is A BAS?
When it comes to tax returns and accounting, the business activity statement is probably the thing which scares business owners the most. They are required to be completed either every month or every three months, depending on what sort of business you have and what your reporting requirements are.
A BAS provides a simple way for you to report your business’s financial state to the Australian Tax Office (ATO) regularly and accurately. There are a number of things that your BAS should include, such as: