What Is The Difference Between A Tax Return And A BAS?

Both tax returns and Business Activity Statements (BAS) are important for business owners to complete and lodge by their required due dates. Each, however, serve their own purpose, providing specific information to the ATO. But both require some similar information regarding income, expenses, and GST.   Should I put income and expenses on both my BAS…

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What To Expect When Your BAS Ends Up In A Refund

As you might be aware by now, Business Activity Statements are, in very simple terms, a summary of GST collected and to be claimed to the ATO, with one offsetting the other. If your GST he ATO will owe you a refund on some of the GST you paid. If you find that you are…

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How Do I Pay my BAS?

Once you realise that the GST collected is more than the total of GST credits to be claimed for your business at the end of the reporting period, it all becomes a matter of reporting those figures and pay the difference to the ATO.  Under a simpler BAS method (applicable to most small businesses), the main amounts you have…

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What is a Business Activity Statement (BAS)?

Now that your business has been registered for GST, it is time to learn about Business Activity Statements or BAS. It may seem intimidating, but through this introductory guide we will show you that it is not as bad as you may think.     What is a BAS?  A Business Activity Statement (BAS) is a convenient tool that allows you…

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