When preparing your Business Activity Statement (BAS) for lodgement with the Australian Taxation Office (ATO), you'll need to provide detailed information across various sections.
The BAS is used to report and pay several business taxes, so accuracy is crucial. You'll need to include your Goods and Services Tax (GST) information, which encompasses the total sales (G1), GST on sales (1A), and GST on purchases (1B). If your business has employees, you must report the Pay As You Go (PAYG) withholding (W1) for payments made to employees.
Additionally, PAYG instalments (T1), which contribute towards your expected income tax obligation, are also reported. For businesses that provide fringe benefits to employees, a Fringe Benefits Tax (FBT) instalment (6A or 6B) may be required.
Other taxes that may need to be reported include Luxury Car Tax (LCT) and Wine Equalisation Tax (WET), relevant to businesses dealing with these specific items. It's also essential to report any fuel tax credits (7C or 7D) you're entitled to claim. Remember, while you don't need to submit tax invoices with your BAS, you should keep them on hand as the ATO may request to see them later.
Ensuring that all this information is accurate and submitted on time will help you avoid any penalties or interest charges for late or incorrect lodgement. If you're unsure about any part of your BAS, it's advisable to seek guidance from a registered tax or BAS agent or directly from the ATO. They can provide tailored advice to ensure you meet all your reporting obligations correctly.