Home – New Forums Starting your journey Annual Gst and Bas requirements

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  • #993005
    euro88
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    Hello, new member here ;)

    Started a company in late 2014, its registered for annual gst. The company has only made a few transactions.

    I now need to do a company tax return and a annual GST return (I’ve been sent this form)

    Anyways what is the requirements regarding doing BAS?? (I read some conflicting reports on weather i need to do this or not).

    If a company is registered for annual GST (does the comapny still need to do a BAS?) *that’s my question.

    Thanks…

    #1189284
    Dave Gillen – Former FS Concierge
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    Hi there,

    Welcome to Flying Solo! We do have some tax experts on the forums, so hopefully one of them will drop in to give you an answer.

    In the meantime, we’re glad to have you here. :)

    Dave

    #1189285
    euro88
    Member
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    Hi Dave,

    Thanks for that! It would be great if someone could help me!

    #1189286
    MyGreatIdea
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    If you’re registered for GST then you must either complete a quarterly BAS or an annual GST report.

    This link may help https://www.ato.gov.au/Business/GST/Lodging-your-BAS-or-annual-GST-return/

    Wendy :)

    #1189287
    euro88
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    Hi Wendy, thanks for that!

    Yes the company is registered for GST, so that means, I’m not required to do a quarterly BAS? Is that correct? (just the annual gst return)?

    #1189288
    MyGreatIdea
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    If you’re registered for GST and you’ve elected to report annually, then you report and pay through the annual return.

    If you’re registered for GST and you’ve elected to report quarterly, then you report and pay through a quarterly BAS.

    I don’t know which reporting option you chose when registering, but you can change your option if your circumstances change. You can also make it monthly.

    Wendy :)

    #1189289
    chopesandbro
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    Why did u register for g.s.t ?

    I didn’t. ..I couldn’t see any value in it ?

    #1189290
    euro88
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    Couple It, post: 222348, member: 20385 wrote:
    If you’re registered for GST and you’ve elected to report annually, then you report and pay through the annual return.

    If you’re registered for GST and you’ve elected to report quarterly, then you report and pay through a quarterly BAS.

    I don’t know which reporting option you chose when registering, but you can change your option if your circumstances change. You can also make it monthly.

    Wendy :)

    Thanks…

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