Business Activity Statements, Melbourne
Business activity statement was introduced in 2000 as a part of major tax reform. An entity is required to register for GST once it crosses the turnover limit of $75,000 in any financial year. If you are running a business and are registered for GST it is mandatory to lodge business activity statements. Business Activity Statement is reporting to the ATO about the GST obligations of an entity.
Business activity statement can be reported yearly, quarterly and monthly based on the requirements and criteria of the entity’s operation. The ATO provides option of selecting reporting basis either to be cash or accrual suitable to business. BAS can be lodged electronically (online), through registered tax or BAS agent, by phone (only for nil business activity statement) or by mail.
Reporting methods and forms have changes considerably since the introduction of BAS. Lodgment of Business Activity Statement is to be done within the due date, non-lodgment of which results into penalty. To avoid penalties and lodge timely and accurate Business Activity Statements, you can get assistance from our expert team. Give us a call on 03 8609 1889 and speak to one of our friendly staff and we shall clear up any queries you may have.