These assets can be brand new or second hand, and may be imported. Trading stock and normal running expenses such as stationery and repairs, or equipment rentals or leases, are not considered to be capital. Your BAS requires you to separate your capital and non-capital acquisitions. Safes The guide to capital given here expands on earlier advice on capital included in the Business Activity Statement Instructions. PAYG instalments are instalments of your expected tax liability on your business and investment income for the current income year.
Most businesses pay their instalments quarterly, but some can choose to pay annually.
BAS labels and the accounts method accounts If you use the accounts method, the only GST boxes on the back of the BAS you need to complete are G1, G2, G3, G10 and G11. Include at G1 payments for anything sold or provided through your business. The amount you show at G1 for GST purposes can be different to the amount you show for income tax at T1. Pages 34-39 of the Business Activity Statement Instructions . Complete G2 only if you export goods.