Business Activity Statements (BAS)
Businesses Activity statements (BAS) are used to report and pay a number of tax obligations:
- Pay As You Go (PAYG) instalments
- PAYG withholding and fringe benefits tax
Fringe benefits tax (FBT)
- FBT is a tax employers pay on certain benefits they provide to their employees, including their employees’ family or other associates. The benefits may be in addition to, or part of, their salary or wages package.
- FBT is separate from income tax.
- If you were required to pay FBT of $3,000 or more in the previous year, you need to pay the tax quarterly by instalments with your activity statement.
- The FBT year is from 1 April to 31 March.
- If you pay FBT by instalments, you should lodge all of your activity statements for the FBT year ending 31 March, including the March quarter, before lodging your annual FBT return.
Luxury car tax (LCT)
- LCT applies to cars with a GST-inclusive value exceeding the LCT threshold.
- LCT is payable in addition to GST, but it is not payable on the full value of the vehicle – it is payable on 33% of the GST-exclusive value that exceeds the LCT threshold.
- LCT also applies to fuel-efficient vehicles that are above the fuel-efficient car limit