5 Things You Must Know About Your BAS

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5 things you must know about your BAS

Do you run a business in Australia and feel confused or overwhelmed with your taxation obligations?

Here are 5 things you need to know about your business activity statement (BAS).

1 What is a BAS?

A business activity statement (BAS) is a form that’s submitted to the Australian Taxation Office (ATO) by all businesses that are registered for GST.

It accounts for:

  • PAYG withheld from employees
  • The difference between GST collected (for customers and clients) and GST your business has paid (to suppliers), and
  • When required, is an advance on your PAYG income tax.

HHG Foothills

 

2 When are the due dates for lodging and paying your BAS?

The due date for lodging and paying will be displayed on your BAS. If the due date falls on a weekend or public holiday, you may lodge your BAS return and pay on the next business day.

Monthly reporting:

If you report monthly, the due date for your monthly BAS is usually on the 21st day of the following month.

Quarterly reporting:

The table below has the reporting dates. If you lodge your BAS return online, you are given more time for three quarters of the year.

Quarter Due date – paper Due date – online
1 – July, August and September 28 October 11 November
2 – October, November and December 28 February 28 February
3 – January, February and March 28 April 12 May
4 – April, May and June 28 July 11 August

 

3 What if I can’t pay my BAS on time?

Always lodge on time, even if you can’t pay on time. As soon as you know you can’t pay your BAS on time, call the Australian Taxation Office (ATO) on 13 11 42 to discuss payment options.

 

4 I’ve just registered for GST, what do I do next?

We give all our clients these simple three tips below:

  1. Open up a separate bank account for your business and process all income and expenses through this account. This makes it easy to identify what you’ve been earning and spending in your business.
  2. Identify what book keeping system you want to use. It can be as simple as an Excel spread sheet or online software like MYOB or Xero.
  3. Set aside a set amount each week for your BAS payment. Some of our clients set up separate business savings accounts and deposit a regular amount into this every week. This simple step gives them peace of mind, as they know that they can easily pay their BAS on time.

 

5 Is there someone who can help me with my BAS?

Yes! A BAS agent or Tax agent can help you complete and lodge your BAS statement.

When you’re looking for help make sure they:

  • Will be able to help you maximise your deductions,
  • Know all the ATO requirements,
  • Have experience and can answer any questions you’ve got, and
  • They have the staff and time to take on a new client.

With over 30 years experience as registered tax agent’s, we help hundreds of businesses at BAS time to complete their return and file it on time.

Contact us here and chat to us about we can help you with your BAS.

The advice provided in this blog is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. For our full disclaimer, please click here.