Running a small business can be complicated. There are a lot of things that you, the business owner, have to think about to make sure that you are compliant with the various rules and regulations surrounding business ownership in Australia. Although registered accountants can be useful at times, it can be hard to decide when to use them.
Some of the most complicated rules come from the Australian Tax Office (ATO). Depending on the type of business you run, you may have to do things like collect and pay GST, lodge Business Activity Statements (BAS) periodically or pay PAYG payments along with your wages. One of the most complex of these is the BAS, something that stresses and worries a lot of business owners in Australia.
What Is A Business Activity Statement?
BASs are sent out by the ATO to relevant small businesses either monthly or quarterly. As the owner or manager of a business, it is your responsibility to fill out and submit the BAS. Some of the things which may be found in a BAS include: