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8+ Business Activity Statement Templates in PDF | DOC

There are many elements that you may learn when you come into the business world or while running a business yourself. One of the most common things that you will encounter in the business sector is BAS also known as a Business Activity Statement. This statement is issued monthly or quarterly for reporting on Goods and Services Tax (GST), Pay As You Go (PAYG) installments and other tax obligations that you have in your business.

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What is the Business Activity Statement?

Business Activity Statement is knowns as a form that is submitted to the Australian Taxation Office by registered business entities to report their tax obligations, including GST, (PAYGW) Pay As You Go Withholding, (PAYGI) Pay As You Go Installments and other tax installments. If you are a business owner, then you are responsible for ensuring that you comply with all your business’s GST obligations. In simple words, it is an official document that is used to summarise the amounts of GST both payable and receivable by you for a period. This document aims to allow a business or a company to report and pay several tax obligations all in one transaction.

Steps to Write a Business Activity Statement?

The completion of your Business Activity Statement generally depends on your business registrations and whether you make your statement monthly or quarterly. You can follow some important steps to complete your BAS before the given deadline.

Step 1: Organize Your Financial Records

Make sure you have maintained accurate business records as you will need to organize all your financial records before you start making the statement in Word. In case you do not have an accountant, you will have to record all your business sales and purchases daily. Doing this will make it easy for you to complete your BAS. Organizing your financial records will help you ensure that you do not miss anything that may create problems in the future.

Step 2: Start Your Statement

Start your statement by providing information about your sales and report your total sales as well. This sales report will include everything, except dividends or distributions, donations or gifts, and refunds or proceeds from loans. You can even consult a tax professional in case you are unsure whether something should be included.

Step 3: Finalize the Statement

Make sure you finalize your statement after providing your sales report. You can even use a worksheet that will allow you to report income that you have received from the sale or short-term lease of residential property. This worksheet can also be used to calculate the sales for the full reporting method.

Step 4: Register Your Statement

The next thing you have to do is submit your BAS and payment through the Australian Taxation Office. But before submitting your statement, you will have to finalize the statement. You can also lodge your BAS and pay online through any government account, provided, it is linked to the ATO. And you can even hire a registered tax practitioner or a BAS agent who will submit your statement on your behalf.

Step 5: Make Corrections and Adjustments

You just cannot lodge a BAS with errors in it. So make sure to make adjustments if changes occur during the current reporting period. Some changes may occur when after you have already lodged your business activity statement so you will have to make those adjustments and lodge the updated version.

8+ Business Activity Statement Templates in PDF | DOC

1. Business Activity Statement Template

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If you are new to making a Business Activity Statement, then it would be a good idea to take some guidance from this template. It is a guide to completing your BAS providing a step-by-step instruction that aims to instruct you along with the taxpayers on how to complete the Business Activity Statement (BAS) form. This guide will provide you with an understanding of the BAS form and detailed information on how and when to submit the BAS form.

2. Printable Business Activity Statement

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In case you are a business registered for GST, you will have to lodge a business activity statement (BAS). This template mentions how a Business Activity Statement helps you in reporting and paying the taxes. Since this template is printable, you will just have to download and print it before its too late in understanding the importance of a business activity statement. You can also check out statement templates in Google Docs for more variety in this format.

3. Basic Business Activity Statement

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If you have no idea about how a business activity statement form includes and how it looks like, then we assure you that this template will help you get some idea regarding that. It is a basic business activity statement form that is used to provide all the reports that you or your business prepares. It also lays down the methods of payment to make it easier for you to understand.

4. Complete Business Activity Statement

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5. Statement of Business or Professional Activities

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6. Business Activity Statement Format

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7. Business Activity Statement Sample

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8. Business Activity Disclosure Statement

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9. Business Activity & Instalment Statement

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How to Lodge Business Activity Statement?

The Australian Taxation Office generally makes it easy for businesses to comply with their requirements. This is made possible by providing several different methods for lodgement. They also have an online business portal, as well as a BAS portal, although it is reserved for BAS Agents, tax agents or large businesses. You can even use cloud-based accounting platforms like Xero the software as it will walk you through the steps you are going to need to lodge this important tax document. The whole process of lodging and paying has been made very easy by the ATO and using an accounting system to generate the information automatically will make it even easier for you.

When Do You Have to Lodge a BAS?

Not everyone is required to lodge a BAS all the time as you will only be required to lodge a BAS when you have registered for GST. It may not seem compulsory to register for GST in the early stage of your business but just be aware that once you start earning more, it will become a legal requirement. Besides, before submitting a BAS, you must be aware of making sure that you are considering your business type, as requirement varies for Sole traders and other business structures.

Conclusion

It has been already observed that the ATO is zoning in on tax fraud at the moment and it is getting harder to get away with being non-compliant. New risk filters and models to detect incorrect or fraudulent refund claims, or claims for credits on activity statements are being used by them. Therefore, it is highly recommended to have a plan in place to make sure that these submissions are happening correctly and punctually.

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