BAS meaning in Accounts and Finance ?

The business activity statement (BAS) is a form submitted to the Australian Taxation Office (ATO) by registered business entities to report their tax obligations, including GST, pay as you go withholding (PAYGW), pay as you go instalments (PAYGI), fringe benefits tax (FBT), wine equalisation tax (WET) and luxury car tax (LCT). PAYGW is sometimes known as "Income Tax Withholding (ITW)," PAYGI is sometimes known as "Income Tax Instalments (ITI)".

The ATO forwards to each registered business before the end of each reporting period a BAS tailor-made for the business entity. The BAS may be delivered to the business as a paper form, electronically or via the business’s registered tax agent. Parts of the BAS may be pre-filled.

Related to the BAS is the Instalment Activity Statement (IAS), which is used by taxpayers who are not registered for the GST, but have other tax obligations. An IAS is also used by entities that prepare a quarterly BAS but are required to remit their PAYG withholding tax on a monthly basis.

The business activity statement reporting system was introduced in 2000 as a part of a major tax reform, which also included the introduction of the goods and services tax (GST). The various forms and reporting methods have changed considerably since the initial introduction of the BAS.