Do I need to fill out both the BAS and IAS forms?No. If you are registered for the GST, you will need to complete a BAS.
Do I need to fill out both the BAS and IAS forms?
No. If you are registered for the GST, you will need to complete a BAS.
By contrast, if you are not registered for the GST but have withholding tax or fringe benefits tax obligations or are required to pay instalments under the PAYG system, then you will be required to complete an Income Activity Statement.
The IAS is typically used by small businesses who have elected not to register for the GST, as well as individuals with investment income and self-funded retirees.
Taxpayers who are required to complete either a BAS or an IAS will need to do so either monthly or quarterly, depending on their situation. The Tax Office should tell you when your activity statements are due. Taxpayers who require further clarification on BAS/IAS forms should contact the Tax Office on 132 478.
Do I need to complete all the boxes in the GST calculation
form on my first BAS?
Depending on how good your accounting system is, it may be possible to adopt a simplified reporting system that requires you to complete only part of the GST calculation sheet.
Businesses can take advantage of this simplified method of reporting if theyhave record keeping and accounting systems that accurately providedetails of the amount of GST payable and the amount of input tax credits they are entitled to.
This means for every taxable supply you make, your accounting system must correctly record the amount of GST payable and bring it to account in a “GST payable” control account.
The accounting system must also correctly record any adjustments that may arise.
In addition to the above requirements, your accounting and record keeping systems must incorporate proper audit trails.
If you qualify for using the simplified reporting method, then you need onlycomplete items G9 (which shows your GST payable) and G20 (showing your total input tax credits) on the GST calculation sheet. In addition, for statistical purposes, you will need to provide reasonable estimates for
items G1, G2, G3, G10, G11 and G12.
What are the penalties for getting my BAS wrong?
The law requires you to complete your BAS correctly, and there are penalties if you understate your tax liability.
However, the Tax Office has made a commitment whereby if you make an honest mistake and you voluntarily tell
the Tax Office about it, any penalty that applies will be remitted in full.
However, you will be charged interest on the understated tax, or over-claimed credit.
If you realise that you have made a mistake, you should lodge a “Revised Activity Statement”. You will need to contact the Tax Office on 132 478 to
obtain a copy of the statement.
No. If you are registered for the GST, you will need to complete a BAS.
By contrast, if you are not registered for the GST but have withholding tax or fringe benefits tax obligations or are required to pay instalments under the PAYG system, then you will be required to complete an Income Activity Statement.
The IAS is typically used by small businesses who have elected not to register for the GST, as well as individuals with investment income and self-funded retirees.
Taxpayers who are required to complete either a BAS or an IAS will need to do so either monthly or quarterly, depending on their situation. The Tax Office should tell you when your activity statements are due. Taxpayers who require further clarification on BAS/IAS forms should contact the Tax Office on 132 478.
Do I need to complete all the boxes in the GST calculation
form on my first BAS?
Depending on how good your accounting system is, it may be possible to adopt a simplified reporting system that requires you to complete only part of the GST calculation sheet.
Businesses can take advantage of this simplified method of reporting if theyhave record keeping and accounting systems that accurately providedetails of the amount of GST payable and the amount of input tax credits they are entitled to.
This means for every taxable supply you make, your accounting system must correctly record the amount of GST payable and bring it to account in a “GST payable” control account.
The accounting system must also correctly record any adjustments that may arise.
In addition to the above requirements, your accounting and record keeping systems must incorporate proper audit trails.
If you qualify for using the simplified reporting method, then you need onlycomplete items G9 (which shows your GST payable) and G20 (showing your total input tax credits) on the GST calculation sheet. In addition, for statistical purposes, you will need to provide reasonable estimates for
items G1, G2, G3, G10, G11 and G12.
What are the penalties for getting my BAS wrong?
The law requires you to complete your BAS correctly, and there are penalties if you understate your tax liability.
However, the Tax Office has made a commitment whereby if you make an honest mistake and you voluntarily tell
the Tax Office about it, any penalty that applies will be remitted in full.
However, you will be charged interest on the understated tax, or over-claimed credit.
If you realise that you have made a mistake, you should lodge a “Revised Activity Statement”. You will need to contact the Tax Office on 132 478 to
obtain a copy of the statement.