BAS stands for Business Activity Statements and are a legal requirement for all businesses who are registered for GST.  It is a quarterly reporting process whereby you report how much your business has sold, for what amount and how much GST you have charged and collected vs how much GST your business has spent on good and services.

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Basically it deducts the amount of GST you have paid from the amount of GST you have collected to show whether you owe GST or are due a refund.

Depending on your business, this can be a fairly complex process and many businesses prefer to leave it up to their accountant to manage, this ensures that they don’t miss receiving any GST deductions and avoid ever missing their BAS statement lodgement and receiving a fine.