Tax For Small Business by Max Newnham

Author:Max Newnham
Language: eng
Format: epub
Publisher: Wiley
Published: 2012-02-02T00:00:00+00:00

Completing your BAS

Australia was the first country in the world to combine the reporting for all taxes on one form. The final version of the BAS was developed over many months after consultation with over three hundred accountants, large and small businesses and individual taxpayers.

The first page of a BAS has boxes for entering income and expense totals if you’re using the ‘actual method’ of reporting. If you’re using the annual method of reporting, the BAS will already list the amount the ATO advises you are required to pay.

The second page has a section for showing how much was paid in wages for the period, and how much PAYG withholding tax has been deducted. In addition, there is a section where you calculate how much PAYG instalments tax is payable. The middle section of the second page has boxes for the amount of GST collected and GST paid, plus boxes for the amounts owed for the PAYG taxes. In the final section, you enter how much you have to pay, or how much the ATO owes you.

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