Instalment activity statements and business activity statements are forms that inform the Government about the following liabilities:

• PAYG instalment

• PAYG withholding

• Fringe benefit tax

• Fuel credit tax

• Goods and services tax (GST)

Australian tax law requires you to lodge BAS and IAS statements in the given timeframe. If you are late in lodging these taxes, then the Government can charge you with fines and interest can also be added to the overdue debts.

For those people that are unfamiliar with the above-mentioned terms, here are their descriptions. 

PAYG instalment

Pay As You Go instalment is a taxation method that makes paying taxes easy for the people. With the help of PAYG instalments, you can make regular payments to your annual tax liabilities all over the year. This means that you won’t face a huge tax liability when the fiscal year ends.  

PAYG withholding

PAYG withholding helps your employees to pay their taxes. You will collect small withholding payments from their wages and salaries. 

Fringe benefit tax

Fringe benefits tax is imposed on those employees that are receiving extra benefits in addition to their salaries such as cars or company housing etc. 

Fuel credit tax

Your business may be eligible to claim fuel tax credits that are in the form of excise or customs duty if you satisfy fuel tax credit criteria. These credits can be claimed when fuel is used in machinery, plant, equipment and heavy vehicles. Light vehicles can benefit from this only if they travel on private roads. 

Goods and services tax (GST)

It is an overall tax of around 10% that is payable on the majority of goods and items as well as services that are delivered in Australia. It is a business’s responsibility to collect and submit the GST to the ATO directly from their customers. GST is easier to pay and manage through the BAS. 

Agile AP’s goal is to always reduce your tax payable by as much as possible. We analyse all your tax files and carefully inspect for any missing elements that you may have forgotten to mention. 

This has 2 benefits. Firstly, nothing will come and bite you back later in an ATO audit. Secondly, as our client, you will have ease of mind that all your taxes are managed efficiently and with extreme care. 

Due to a lack of resources and time, small business owners can’t benefit from the services of an accounting company. However, we provide compact solutions to this predicament and offer a range of services including BAS lodgement, bookkeeping, taxation, SMSF and loans etc.