Answer to Question #80035 in Finance for Hugh Heron

Question #80035
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
1
Expert's answer
2018-08-28T09:12:08-0400
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.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS