Answer to Question #81116 in Finance for Like Heron

Question

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

It asking HOW a business determines the correct lodgement requirements. This involves what method of reporting would be applicable, lodgement dates and payment of BAS

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.