Business Activity Statements (BAS, IAS)

As a business owner, you might have found it stressful to deal with the preparation of Business Activity Statement (BAS) and Instalment Activity Statement (IAS). It is important to understand the difference between IAS and BAS while knowing when to file each activity statement. The BAS is issued monthly or quarterly and contains, apart from GST and PAYG instalments,

• Fringe benefits tax (FBT) instalment
• Pay as you go (PAYG) withheld tax
• Fuel tax credit
• Wine equalisation tax (WET)
• Luxury car tax (LCT)

When you have to register:

• GST registration – if the sales/ services exceed $75,000
• PAYG Withholding registration – if you have employees
• PAYG Instalments – if you paid income tax in prior year, the ATO will give you the options to pay income tax for current year either as percentage of the turnover or as a fixed amount calculated by the ATO
• FBT registration – if you provide benefits of more than $300 each to employees

How we help:

Accounting Industries assists with BAS and IAS management to ensure your business stays on the right side of the law. As a Registered agent we can help you with:

• The preparation of IAS, BAS and GST statements along with the bookkeeping services
• In time lodging IAS and BAS electronically to avoid penalties
• Accurate GST reporting
• Ensuring accuracy of instalments and wages