The basics of setting up a start-up
Whether you are a small business operator or just starting up, you often find yourself flat out running the daily business operations and focusing on the bottom line to spend any time thinking about ATO requirements.
 
Knowing and addressing these tax requirements can be difficult. At Nudge, our Chartered Accountants look after your small business accounting needs including GST and BAS lodgement, making it easy for you to focus on what’s important to you – running a successful business.
 
Put simply, the BAS return is a by-product of the GST. It is the difference between GST collected (for customers) and GST paid (to suppliers).
 
Your BAS is used for reporting (where applicable) on a range of tax obligations including:

  • Goods and Services Tax (GST)
  • Luxury Car Tax (LCT)
  • Fuel tax credits
  • Wine Equalisation Tax (WET)
  • Pay-As-You-Go (PAYG) withholding and instalments
  • Fringe Benefits Tax (FBT) instalments, and
  • Deferred company instalments

 
The overall aim of the BAS is to allow you to report and pay a number of tax obligations in one transaction.
 
All businesses who are registered for GST must lodge a BAS for each period (monthly or quarterly). As part of our featured services we lodge your BAS quarterly on the following dates:
 

 Quarter

 Due date

 1 – July, August and September

 28 October

 2 – October, November, and December

 28 February

 3 – January, February and March

 28 April

 4 – April, May and June

 28 July

 
The benefits of using a qualified Nudge Chartered Accountant to lodge your BAS form for you are limitless. We know all the requirements and will help you maximise your deductions, meet your commitments on time and provide constant support if you have any questions or concerns.
  
References

Australian Government (2015) Reporting activity statements
ATO (2015) Due dates for lodging and paying your BAS