BAA Constructions Pty Ltd has now been trading and it is time to report your BAS

Using the Finance Report Schedule for Project 43324 Download Finance Report Schedule for Project 43324, complete a BAS Report inclusive of PAYG reporting and then prepare a payment requisition (if required) for the (months 1 - 3) tax liabilities.

• Use the "Expenses Ledger" tab in the finance report to calculate your GST amount. You must also use the "Other Expenses" tab to identify any GST paid on purchases or expenses.
• Use the "Other Expenses" tab to identify PAYG costing.
• Refer to the Finance Report Schedule, calculate the requirement in the "Expenses Ledger" tab for G11, 1B, G1, A1 and calculate payment for deposits and base stage.
• Once this is completed click on the "Other Expenses" tab, you will now calculate for G11, 1B, W1, and W2.
• The results from G11 in the "Expenses Ledger" tab must be added to the results from G11 in "Other Expenses" tab before you enter the total amount in the relevant sections of your BAS Statement.
• The results from 1B in the "Expenses Ledger" tab must be added to the results from 1B in "Other Expenses" tab before you enter the total amount in the relevant sections of your BAS Statement.

PAYG calculation instructions:

When using the ATO PAYG Calculator, you are to select "Yes" for "Has the payee claimed the tax free threshold?" this is due to being the single source of income

Use the following link to help you calculate your PAYG commitment: https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=TWC&anchor=TWC/questions#TWC/questionsLinks to an external site.

Once you've gathered all your figures, it's now time to fill in the BAS Statement.Download BAS Statement.

Instructions for BAS Statement:

• Step 1: "Complete Option 1; calculate GST and report quarterly, G1 and G11 need to be completed"
• Step 2: "Complete Section PAYG Tax Withheld; W1, W2 and W5 to be completed"
• Step 3: "Complete Summary area;
  • • • A1 to be completed.
      • Number 4 to be completed.
      • 8A to be completed.
      • 1B to be completed.
      • 8B to be completed.
• Step 4: "Payment or refund area to be completed. Follow the instructions:
  • • • is 8A more than 8B, answer the correct options.
      • Insert your calculate for number 9.
• Step 5: "Sign and date"

Include BOTH:

• GST collected and paid
• PAYG collected You are establishing your business to provide domestic building services. Having received advice from others within the building and construction industry, you determine that an incorporated company with yourself as the sole shareholder and director is the best business structure for commencement.

Your proposed business (BAA Constructions Pty Ltd) will utilise a combination of employees and contractors for the performance of building and construction services. This requires you to setup an appropriate accounting structure to ensure that taxation obligations are adhered to.

In order to ensure that your proposed business will be appropriately resourced to operate effectively, and that you will comply with all relevant legislative requirements, you are required to develop an action plan to undertake the following activities.

Relevant Details:

BAA Constructions Pty Ltd

Building Your New Home

Level 4

570 St Kilda Road Melbourne Victoria 3004

Phone 03 9999-9999 | Fax 9999-5733

Email @BAAConstructions.com.au

www.BAAConstructionscom.au

Client Details:

Howard McGinniskin & Anna McGinniskin

12 Barwick Court Swan Hill Victoria 3585

Phone 9999-4141

Email &..n@Live.com , &..n@Hotmail.com