Answer to Question #80035 in Finance for Hugh Heron

Question

How will a business determine the correct lodgement requirements for its particular circumstances?

Feedback-It is fundamental that enquiries of the ATO or using a BAS Agent may be required but, have not displayed understanding of what would determine lodgement requirements (internally) for its particular circumstances

Answer 1

Lodgment process requires the business to maintain the tax records to explain the transaction undertaken by them.
To meet the on-time lodgment requirement, it is important to review and update client list and also check whether new clients who were previously self-preparers have outstanding prior year tax returns.
If you are a business registered for GST you need to lodge a business activity statement (BAS), which will help you report and pay goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other taxes.