Business Activity Statement - GST & BAS

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GST AND BAS

What is GST
The Goods and Services Tax (GST) is a Value Added Tax (VAT) on the supply of goods and services in Australia and New Zealand. The GST rate is 10% in Australia and 12.5% in New Zealand.

GST is basically a tax that you collect on behalf of the government. You charge GST in your sales and income and claim it back for your purchases and expenses. You then calculate the difference in your GST return to work out if you have to make a GST payment to the Government or if your receive a GST refund.

First Class Accounts Bookkeepers will ensure you GST declaration is submitted on time and without error. You First Class Accounts Consultant will also verify your tax entries and codes to make sure you are compliant with the Australian taxation Office/Inland Revenue Department.

What is BAS?
The Business Activity Statement (BAS) is a form submitted to the Australian Taxation Office by all Australian businesses to report their taxation obligations.

These include Pay as you Go Withholding (PAYGW), Pay as you Go Instalments (PAYGI), Fringe Benefits Tax (FBT), Wine Equalisation Tax (WET) and Luxury Car Tax (LCT).

First Class Accounts Bookkeepers in Australia are BAS service providers who will check your system and advise suitability. We check that your codes are loaded and linked correctly. We check your file for incorrect tax entries and the correct code usage and advise accordingly. We prepare BAS for you to produce.

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