Answer to Question #81116 in Finance for Like Heron

Question #81116
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
Expert's answer
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.

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