Welcome to part 2 of my 3-part blog about Business Activity Statement (BAS) labels. In part 1, I covered the “G” labels which are all used to report Goods and Services activities for GST registered businesses. In today’s blog, I will look at pay as you go income tax instalment (PAYG ITI) labels and pay as you go withholding (PAYG WH) labels.
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The Business Activity Statement (BAS) has been around now for 14 years. You would think that would be enough time for us all to get our heads around its various sections and labels. Unfortunately, many of us are still perplexed by the BAS and the Tax Office report that they still see many erroneous BAS returns as a result. I think one of the most confusing things about the BAS is its many labels. There are “G” labels, “T” labels, “W” labels and so on. What do they all mean? Do we have to use them all? What are they for? In today’s blog, I set out to explain what each BAS label means to hopefully clear up some of this confusion.
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