What is a Business Activity Statement (BAS) and do I need to complete one each quarter?

• You are only obliged to submit a BAS if your income is $75,000 or more for the financial year. This is the same threshold for triggering compulsory GST registration.
• The BAS is a series of forms used by business owners to report on their taxation obligations. They record a number of tax obligations throughout the year such as your:

• Goods and Services Tax (GST) payments;
• Pay As You Go (PAYG) instalments;
• PAYG withholding amounts; and
• any Fringe Benefits Tax (FBT) amounts.

• Businesses are required to self-assess their tax and it is often easier to do so quarterly rather than once a year at tax time.
• Depending on the complexity of your tax affairs you may wish to engage a lawyer, accountant or tax agent to assist you with your BAS preparations.