Small to medium businesses are our area of specialization. We can keep you on time and compliant with your business activity statements, whether monthly, quarterly or annual. Let EndureGo Tax take care of the paperwork so you can take care of business. As the leading CPA accounting firm in Inner West Sydney Ashfield, Northern Beaches Belrose and Adelaide, our team of professional accountants would be in a position to assist you with your Business Activity Statement.
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Read more about BAS in our Frequently Asked Questions.
Do I need to register for GST?
Under Australian taxation law, a business must register for GST when its turnover (gross income minus GST) reaches $75,000 and above.
What if my business is growing but is still below the $75K threshold?
A business should register for GST when the expected turnover exceeds the $75,000.00 threshold during the coming 12 months. However, if you feel your sales are below $75,000 but still want to register for GST, you can register for GST voluntarily. It is important to note that you need to register for GST when your expected sales in the coming twelve months exceed the $75,000.00
What if I fail to register for GST?
If you are required to register for GST but fail to do so, and you did not collect the GST for your customers, and if the ATO starts to audit, then the business requires you to pay back GST – which will involve a shortfall penalty plus interest.
Can I register for GST if my turnover is below $75K
Simply put, the answer is yes. If you are registered for GST and your turnover is below $75,000.00, you are only required to lodge an Annual Business Activity Statement.
How often do I need to submit BAS statements?
Annually when turnover is below $75,000.00
Quarterly when turnover exceeds $75,000.00
Monthly when turnover exceeds $20,000,000.00
As a leading professional CPA accounting firm with offices in Ashfield, Sydney, and North Beach, Adelaide, we’re ready to get your finances and tax affairs optimised. Call EndureGo today for an initial free 15-minute telephone consultation with John and his team on 1800 841 312.