Business Studies Essay

608 words - 2 pages

Work and Business Business and the Government 1. The BAS, Business Activity Statement Works out the GST, The goods and services tax, that is collected from services and sales, minus the GST that is paid on inputs. The completed statement by each of the business will then be filed to the government. The tax difference is paid by cash, cheque, or even over the Internet each quarter to the taxation Department.Business also have the choice of doing the BAS calculations each quarter or paying a specified amount each quarter to the ATO, then the difference of the GST that is payable is made up at the end of the financial year. This is done through the payments from the business or the ATO, which enables the business, a refund on the contributions.All invoices or receipts must have an ABN for amounts over $50.00. These must be kept. Record keeping is both more extensive, and business must be extremely thorough. This affects the GST, as all of the records must be kept updated which takes enormous amounts of time.There are three steps and choices to fill out a BSA statement one being the calculation of the GST, two being precise payments and the last being at the end of the financial year.2. The additional costs that are connected with the Goods and services tax include the filling out of the BAS statement. The statement is filled in by either the owner or another person that is qualified which will cost them. This may be an accountant but not all the time can business afford this.To fill the statement in is not a lengthy process but the calculations of the figures may take up to many long hours.3. The...

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