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FNSTPB401ISBN Number: 9781925782905 Part Number: 401 V18.5 2017Version:for RR author Kerry Maguire complete Business Activity and Installment Activity Statements User Gooseberry has been working with

How to fill out business activity statements explained

How to fill out business activity statements explained

1. To fill out business activity statements (BAS), follow these steps:
2. Gather all the necessary information and documents such as sales records, expense receipts, payroll records, and bank statements.
3. Identify the reporting period for which you are preparing the BAS.
4. Calculate the total sales for the reporting period and ensure they are correctly recorded.
5. Calculate the GST collected on sales and report it on the BAS.
6. Calculate the GST paid on expenses and report it on the BAS.
7. Determine the amounts of other taxes, such as PAYG withholding and FBT, if applicable.
8. Complete each section of the BAS form accurately, filling in the required figures and information.
9. Double-check all the calculations and entries to ensure accuracy.
10. Submit the completed BAS form to the relevant tax authority by the due date.
11. Keep a copy of the submitted BAS for your records.

Who needs business activity statements explained?

1. Business owners, self-employed individuals, and organizations registered for GST (Goods and Services Tax) in Australia need business activity statements explained. It is particularly important for those who are required to report and remit GST, PAYG withholding, FBT, and other tax obligations to the Australian Taxation Office (ATO). Additionally, individuals and businesses that need to claim GST credits or report their business income and expenses accurately would benefit from understanding how to fill out business activity statements.

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