To begin with, BAS basically means a business activity statement which every business in Perth, Australia needs to lodge. These businesses need to be GST registered to become eligible although. Filing a BAS tax return in Perth, Australia lets the government know your overall turnover and payment of your taxes.
How a BAS can help you?
Is your business in Perth, Australia also GST registered? Then lodge a business activity statement right now. By doing so, you can be benefitted in many ways including:
· You can pay all your additional taxes by lodging a Business Activity Statement
· You can also pay the PAYG taxes by lodging a BAS and
· Also, pay your Goods and Service Taxes (GSTs) effortlessly by lodging a Business Activity Statement
At the time of lodging your BAS, you I just have to provide the details about a few things. These include submission of the details to the ATO about how much GST you earned and spent altogether.
Exclusion of Invoice Taxes
The Australian Taxation Office doesn’t need any tax invoices when you are lodging your BAS. In spite of this, the essential documents related to your invoice duties should be with you. This is said because the Australian Taxation Office may ask you to show them to you later.
Different ways to lodge your BAS
There are a couple of ways, following which you can quite easily lodge your BAS to the Australian Taxation Office. Most of the businesses choose the online mode of lodging a BAS although. The following ways will help you lodge your BAS and report about your GSTs to the Australian Taxation Office effectively.
· SBR-enabled software
This particular software is basically a great option to lodge your BAS straightaway from accounting, payroll, or financial software programs. This is said because these software programs are mostly merged with different business software programs. These business software programs pertain to various sectors related to the lodgement of your BAS.
When you get registered with myGovID, you don’t have to manage ABN connections and use an AUSkey. They offer quite an easy and simple process to lodge your Business Activity Statement. Your business must have an authentic Australian Business Number (ABN) to get yourself registered here.
· Business Portal
With the help of a Tax Accountant Perth, you can lodge your BAS on a viable ATO website. This particular online business portal must be responsible to manage all the matters related to your business taxes virtually.
· Online Services for Sole Traders and Individuals
You can actually serve dual purposes by getting registered on this particular BAS lodgement portal. You can do it if you are running your business independently or are a sole trader. What’s more, you can manage both your super and taxes over here together as well.
Some noteworthy facts related to your BAS lodgement
Remember, that you should lodge your Business Activity Statement on time. You can lodge and pay for your BAS on a monthly, quarterly, and yearly basis. Make sure you clarify the due date of your Business Activity Statement properly. If you fail to lodge and pay for your BAS timely, then an extra charge will get applicable. So, you must lodge your BAS as quickly as possible before the due date crosses. This will prevent you from paying that extra cost even if you pay a little later.
A quick look at the BAS deadlines
It’s already clear to you that you can lodge and pay for your BAS monthly, quarterly, or annually. Given below is comprehensive information related to these three options of your BAS lodgement.
The Monthly Option
Your annual turnover should be over $20 million. Its due date requires you pay within 21 days before the current month ends.
The Quarterly Option
Your annual turnover should be less than $20 million. There are 4 different quarters during which you can lodge and submit your BAS. The due date for each of these quarters can be considered below.
· First Quarter (July to September). You have to lodge and pay for your BAS by 28th October of that year.
· Second Quarter (October to December). The due date for the second quarter is within 28th October of the following year.
· Third Quarter (January to March). When it comes to the due date of the third quarter, it has to be paid by 28th April.
· Fourth Quarter (April to June). You need to lodge and pay for your BAS by 28th July for the fourth quarter.
Remember, that in emergent situations like a natural disaster or a pandemic, the due dates can differ somewhat.
The Annual Lodgement Option
When it comes to lodging and paying for your BAS annually, your yearly turnover should be less than $75,000. For non-profits, the annual turnover has to be $150, 000. This has to be submitted with income tax returns.
Who can help you?
To become aware of more notable facts, you must hire a professional BAS agent Perth right now. Your Perth based BAS agent is quite knowledgeable to make the entire process easy and simple for you. So, get in touch with a competent BAS Tax Return Perth agent today and lodge your Business Activity Statement effectively.