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BAS Labels Explained Part 3

This is the final part in a three-part blog series about Business Activity Statement (BAS) labels and what they all mean. You can read part 1 which covers labels for Goods and Services Tax (the “G” labels) and part 2 which looks at PAYG (the “W” labels) in your leisure. Part 3 of the series will showcase BAS labels used to report Fringe Benefits Tax, Luxury Car Tax, Wine Equalisation Tax and Fuel Tax Credits.

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BAS Labels Explained Part 2

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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BAS Labels Explained Part 1

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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