Question 10: There is a sample BAS provided in the Additional Documents.

Complete a BAS for

your business. Submit the completed form along with this workbook.
What are the BAS requirements? What is it used for and when will your business need to
complete and submit it?

Jason's Farm budget for 2021/22          

Revenue          
$ $ $ $ $
Wheat sales 1,488,000 1,339,200 1,190,400 1,041,600 1,6
$ $ $ $ $
COGS (= variable costs) 750,000 750,000 750,000 750,000 750
$ $ $ $ $
Gross Profit 738,000 589,200 440,400 291,600 886
           
Overheads          
$ $ $ $ $
Interest 120,000 120,000 120,000 120,000 120
$ $ $ $ $
Depreciation on capital equipment 128,000 128,000 128,000 128,000 128
$ $ $ $ $
Total overheads 248,000 248,000 248,000 248,000 248
           
$ $ $ $ $
Net profit before tax 490,000 341,200 192,400 43,600 638

Summary table        
wheat prices
Price is wheat price wheat price wheat price wheat price
  as expected falls by 10% falls by 20% falls by 30% rises by 10%
Percentage changes      
Profit 0% -30% -61% -91% 30%
           
The effects on Steve's profits from changes in the wheat price will affect the
return on investment he receives on his $1.6million investment in the farm (below)
           
           
wheat prices
Price is wheat price wheat price wheat price wheat price
  as expected falls by 10% falls by 20% falls by 30% rises by 10%
Expected Return on Investment
(ROI)      
       
  31% 21% 12% 3% 40%

- It must be a fit and proper person. You must satisfy the qualification and experience
requirements. You must maintain, or will be able to maintain, professional indemnity
insurance cover that meets our requirements. Assuming you are a business enrolled for
GST you really want to hold up a business movement proclamation (BAS). Your BAS
will help you report and pay your: labor and products charge (GST) pay more only as
costs arise (PAYG) portions