BAS (accounting)

BAS, in the context of accounting, typically refers to Business Activity Statement. It is a form used in Australia to report a business's tax obligations to the Australian Taxation Office (ATO). These obligations often include, but are not limited to:

• Goods and Services Tax (GST): The primary purpose of the BAS is to report GST collected on sales and GST paid on eligible purchases.
• Pay As You Go (PAYG) Withholding: Reporting the amounts withheld from employee wages for income tax purposes.
• Pay As You Go (PAYG) Instalments: Payments made towards a business's expected income tax liability for the financial year.
• Fringe Benefits Tax (FBT) Instalments: Payments made towards a business's FBT liability.
• Other Taxes and Charges: Depending on the business, other taxes or charges may also be reported on the BAS.

Businesses typically lodge a BAS either monthly, quarterly, or annually, depending on their GST turnover. The BAS provides the ATO with the information necessary to assess and collect these taxes and charges. Completing the BAS accurately and on time is a legal requirement for Australian businesses.