Activity Statements - August 2010

There are two types of Activity Statements:

  • Business Activity Statement (BAS) which are required to be completed by those taxpayers registered for GST, and
  • Instalment Activity Statement (IAS)  applies to those not required to be registered for GST.

Important considerations when completing these returns are:

  • Returns need to be lodged by due date – to prevent penalties
  • Numbers recorded should be reconciled back to the financial records
  • Where possible take advantage of the cash basis of accounting for GST

We assist many clients with their activity statement returns. If lodged through a tax agent an extra 30 days extension is available for all returns.

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