The accuracy of the content is not guaranteed. Please rely only on the authorised document. The Tax Office will this Wednesday (7 June) start mailing comprehensive instructions to businesses and tax agents for the new Business Activity Statement (BAS), Tax Commissioner Michael Carmody announced today. "In a few weeks, Australia will have a new tax system," Mr Carmody said. "And a major benefit for business will be the simplified system for reporting tax obligations through the BAS - which is the single reporting form for businesses registered for GST. "Businesses and other enterprises will be able to report most of their tax obligations on this form. This is a significant change. "The BAS will allow businesses to report and remit their obligations under GST, Pay As You Go instalments and withholding, and Fringe Benefits Tax instalments. They will also be able to use the BAS to report and remit for the new Wine Equalisation Tax and the Luxury Car Tax and to claim the special credit for Wholesale Sales Tax. All these obligations will be met on the one form. "And for the first time, we are giving business the option of a quick and convenient payment method - B Pay (payment over the phone or Internet). "We developed the BAS instruction booklet in close consultation with business and tax professionals. We released a draft version on our Internet last year - www.taxreform.ato.gov.au - and the booklet we are mailing incorporates feedback we received on the draft. "The 148 page booklet has comprehensive instructions, a step-by-step guide to completing the BAS, an index, explanations of terms, lots of practical examples, sample BAS forms, details of taxpayer rights, where to get help and it explains all the changes. It is colour coded to make it easy to find information quickly and to easily find the specific sections for individual businesses. "It's written in plain english and answers most questions on this major change in the way businesses report their tax obligations. During our consultations, we asked businesses if they would prefer a smaller booklet. The answer was unequivocal. Businesses and tax agents wanted the one comprehensive set of instructions. "However most businesses will not need to read all the instructions and there is information businesses will only need once, such as the section on how to claim back the Special Credit for Wholesale Sales Tax for stock on hand on 1 July. "I urge all businesses to take the time to familiarise themselves with the BAS now. These final instructions and sample BAS forms are also on the Internet at www.taxreform.ato.gov.au. There have already been more than one million downloads of the draft BAS instructions and form from our Internet site. "A good way to ensure you understand the BAS is to take advantage of our offer of a free visit by one of our field officer tax advisors who can take you through the BAS. Our advisors are ready to visit businesses Australia-wide and visits can be booked by calling 13 24 78. We've conducted over 100,000 visits so far. "Businesses reporting quarterly will get their first BAS in September. Businesses with an annual turnover of $20 million or more must report their GST monthly and they will get their first BAS in late July. "To ease businesses into the new system, I am extending the period for lodgment for the first three quarterly Business Activity Statements by three weeks, two weeks and one week respectively," Mr Carmody said. "The following table sets out the latest dates businesses can lodge their first three quarterly Business Activity Statements.
"We will mail BAS instructions to around 750,000 businesses who have indicated they will complete the BAS themselves. Obviously businesses who have told us they will use a tax agent to complete their BAS will not receive a copy of the instructions. And we will mail six copies of the BAS instructions to tax agents. "We will be strongly encouraging all businesses to lodge their BAS forms over the Internet and businesses can practice now by using our BAS practice facility on the Internet. Over 3000 people have practiced completing a sample BAS form which they have successfully sent to us. "We have set up a dedicated call centre to help users of this facility and have technical experts available 8am-8pm weekdays by calling 1300 130 778. The practice facility is at www.taxreform.ato.gov.au (under the section with the BAS form and instructions)." CANBERRA
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