Tax tips, BAS, ato, tax, when is my BAS due, small business, startups

What is a Business Activity Statement (BAS)?

A BAS is a tax reporting requirement for businesses. It is used for reporting and paying goods and services tax (GST), pay as you go (PAYG) and PAYG withholding tax and other tax obligations. Once your Australian business number (ABN) and GST are registered with the ATO, they will automatically send you your BAS when it is time to lodge. It is important to note that all business registered for GST are required to lodge a BAS by the due dates as listed below.

Due Dates For Lodging and Paying your BAS

Your BAS will either be due annually, quarterly or monthly. If the due date is on a weekend or public holiday, you can lodge your form and pay on the next business day.

Annual BAS

If you have a GST turnover of less than $75,000 and are registered for GST, you are required to lodge your BAS Annually. However, you can voluntarily elect to lodge more frequently (i.e. quarterly or monthly). The due date of your Annual BAS is generally due either by 28th February or by the due date of your annual income tax return.

Quarterly BAS

If you have a GST turnover of between $75,000 and $20 million than you are required to pay and lodge your BAS quarterly, however you may choose to lodge more frequently (monthly).

The due dates for Quarterly BAS’ are as follows:

Quarter Due Date – If you lodge yourself Due Date – If you lodge though a tax agent (such as Nudge)
1 – July, August and September 28th October 25th November
2- October, November and December 28th February 28th February
3 – January, February and March 28th April 26th May
4 – April, May and June 28th July 25th August

Monthly BAS

If you have a GST turnover of more than $20 million then you are required to pay and lodge your BAS on the 21st day of the following month (however even if you have turnover of less than $20million, you may voluntarily elect to pay monthly rather than quarterly).

It’s important to make sure you always lodge your BAS’ on time. Late lodgement of BAS’ can incur fines and penalties by the ATO, as well as interest charges for late payment.

This Tax Tips Tuesday is brought to you with love by Nudge Accounting. You can read other Tax Tips here.