Day 7: The wrap
Key terms and concepts
• Business activity statement (BAS): a statement used by businesses registered for GST to report and pay a number of tax obligations, including GST, PAYG withholding and PAYG instalments. Business Activity Statements can be prepared on a monthly, quarterly or annual basis.
• Instalment Activity Statement (IAS): a statement used by businesses to report PAYG withholding to the ATO. Instalment Activity Statements can be prepared on a monthly or quarterly basis. If a business reports PAYG withholding monthly and a BAS is due for the month, an IAS is not required for that month. In this example, the business would submit an IAS in February and March and a BAS in April.
Introduction and overview
Finally, day ...
