The frequency with which a business must submit its BAS depends on the size of the business and the types of taxes it reports. Common reporting periods are:
- Monthly: If the business’s GST turnover is over $20 million, it must lodge its BAS monthly.
- Quarterly: Most businesses lodge their BAS quarterly.
- Annually: Some businesses with very simple tax obligations may lodge their BAS annually (typically for businesses with turnover below a certain threshold, or for businesses that are not registered for GST).
At Y&S Accounting, we specialize in assisting businesses with Business Activity Statement (BAS). Please feel free to schedule an appointment with us on our website at www.taxbne.com.au/. We look forward to providing you with the support you need.
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