PAYG, IAS, BAS? A Simple Guide for New Business Owners

New business owners quickly realise the ATO loves acronyms. But behind the complexity is a logical system. Let’s break it down:

Understanding the Jargon:

• BAS – Report for GST, PAYG withholding, PAYG instalments

• IAS – Used when you’re not registered for GST but have PAYG instalments

• PAYG – Tax paid in advance toward your expected tax bill

What You Should Know:

• Missing due dates = penalties + interest

• ATO systems auto-calculate if you don’t lodge on time

• A tax agent can help align reporting with cash flow

Godspeed Accountants handles these for clients so you can focus on business—not paperwork.