𝘽𝘼𝙎 - 𝘽𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝘼𝙘𝙩𝙞𝙫𝙞𝙩𝙮 𝙎𝙩𝙖𝙩𝙚𝙢𝙚𝙣𝙩
The BAS report contains more than just GST reporting. This is where you can also report, wages paid to employees and the tax withheld, ABN withholding tax on contractors and personal income tax payable. Once you have registered for GST you will then have to lodge a BAS either monthly, quarterly or yearly. On this report you will declare your total income including GST (G1), GST collected on your income (1A), you do not need to report the total expenses paid only the GST portion paid (1B). So basically you are now a tax collector for the ATO . If you have employees the total payroll (W1) and tax withheld (W2) also needs to be reported.
GST is not as straight forward as it seems as not everything is a straight 10% on everything you pay for. We recommend you get help from a qualified bookkeeper or accountant until you understand fully how to calculate the GST you need to pay to the ATO and what expenses include 10% GST and the ones that don't.
You can lodge your BAS through your Mygov account by linking your business to your account with the business TFN or hire a professional to lodge this for you.
𝗕𝗼𝗼𝗸 𝘆𝗼𝘂𝗿 𝗮𝗽𝗽𝗼𝗶𝗻𝘁𝗺𝗲𝗻𝘁 𝘁𝗼𝗱𝗮𝘆: https://yourbiz.appointlet.com/