The Practice Manager’s Guide to BAS, GST, Instalments and Withholding Taxes has been developed to assist both doctors and practice managers identify their reporting responsibilities, and ensure compliance with legislation. It contains numerous practical tips and advice and identifies the main issues connected with reporting when successfully running the practice. It has been identified as an area where practice managers and doctors alike have a keen interest, and a lot of important information is contained in the guide.
Many practices prefer to deal with business activity statements on a “Do it Yourself” basis, as this is the cheapest and most efficient way to undertake the task. The Goods and Services Tax (GST) is a simple tax collection system; its application to health professionals, where most services are GST free, is particularly simple.
This guide looks at the broad application of GST to medical and dental practices as it applies to the BAS, emphasising the practical aspects. It also explains how doctors, dentists and other health professionals should prepare a business activity statement (BAS), and an instalment activity statement (IAS).
Topics covered in this module include:
- BAS basics;
- Health professionals and GST;
- Service trusts and the BAS;
- Pay as you go instalments systems;
- Pay as you go withholding tax; and
- The timing of tax payments.