08 Jul, 2024
A Business Activity Statement (BAS) is a form that businesses must submit to report and settle their tax obligations with the Australian Taxation Office (ATO). While GST constitutes a significant portion of the BAS, it also encompasses other taxes like pay-as-you-go (PAYG) instalments, fringe benefits tax (FBT), withholding taxes, luxury car tax, and wine equalisation tax. In addition to GST, your BAS may require details of GST collected on sales and paid on purchases. While tax invoices aren't mandatory during BAS submission, it's important to keep them handy as the ATO may request them later. Since BAS serves multiple tax purposes, providing additional information about your business, income, and employees might be necessary.