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.
