Business Activity Statement (BAS)
Definition
The Australian form businesses lodge to report and pay GST, PAYG withholding, PAYG instalments and other tax obligations in one statement, monthly or quarterly.
Related Terms in International Tax
Australian Business Number (ABN)
A unique identifier for businesses dealing with the Australian Taxation Office and other businesses. It is required to register for GST and appears on invoices to avoid amounts being withheld.
Superannuation
Australia's compulsory retirement savings system, under which employers contribute a set percentage of an employee's earnings to a super fund. The contribution rate is set by law and has been rising in steps.
T4 Slip
A Canadian year-end statement an employer issues showing an employee's employment income and the deductions withheld, used to file the individual income-tax return. It is Canada's counterpart to the US W-2.
GST/HST Return
The return a Canadian business files to report the GST or HST collected on sales and the input tax credits claimed on purchases, remitting or reclaiming the difference.
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