BAS & IAS   Are you paying more than is necessary to the ATO? Online accounting software makes it more simple for businesses to record their day to day transactions and lodge their BAS, but if you get it wrong you may end up not being compliant, and possibly even paying more than you should to the ATO. All businesses registered for GST use the Business Activity Statement (BAS) to complete their GST returns. Your reporting and payment period is shown on your BAS and will be monthly, quarterly or annually. A lot of businesses are not aware of the special GST codes for items like Bank debit interest, Bank Fees, Stamp Duty, Car Registration, Food, Credit Interest etc. all of these have special codes, and if the coding is not right your BAS will be incorrect.

A BAS is used to:

• Report and pay the GST your business has collected and paid
• Claim GST credits
• Report on your PAYG withheld (IAS)
• Pay your PAYG instalment

I can either verify your data entry/coding and calculate your liabilities as listed below, or I can do the data entry/coding for you.

• Sales
• Capital Purchases
• Exports
• PAYG Withheld
• PAYG Instalment
• GST Free Sales
• Non Capital Purchases
• Fuel Tax Credits (rebate)
• Wine Equalisation Tax

An IAS (Instalment Activity Statement) is used by taxpayers who are not registered for the GST, but have other tax obligations
such as income tax instalments (PAYGI).

An IAS is also used by entities that prepare a quarterly BAS but are required to remit their PAYG withholding tax on a monthly basis.

Call to make an appointment on 0498 252 207 or email admin@southwestcloudbookkeeping.com.au