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Join Date: May 2012
Thanked 7 Times in 6 Posts
| | Re: Brand new business-do we need to do BAS?
Your GST registeration date mean you are required to lodge the BAS for the June 2012 quarter. The due date is 28 July if you are doing it yourself.
You can register to use the Business Portal from the ATO which allow you to lodge your BAS electronically and you may also qualify to have 2 week extension time for you to lodge your BAS.
You having no sales just mean you put $0 on the Sales and GST on sales boxes.
Since you did incurred costs and therefore entitled to GST refund as a result, why wouldn't you want to lodge the BAS?
As you have not taken any wages, so $0 for wage and PAYG as well.
Also, your company will also need to lodge a company tax return as well, which will show a small loss that you can carry forward to this financial year to offset your profit for the 2013 financial year.
Wan Wa Chau CPA
Business Meister Pty Ltd - Accounting for Your Business Success
Last edited by ntgd; 17-07-12 at 11:48 AM.