What is BAS?shutterstock_157130369

A Business Activity Statement (“BAS“) is how you report and pay your business taxes to the Australian Taxation Office (“ATO“). Your BAS will report and pay your GST, PAYG instalments, PAYG withholding tax and other taxes. BAS can be lodged electronically, by mail or for on the phone if you have nil lodgements.

Why should I pay it on time?

Lodging your BAS on time will help your business run smoothly. If you fail to lodge your BAS on time, the ATO can issue a failure to lodge on time penalty, which is calculated at the rate of one penalty unit for each period of 28 days that the return is overdue.

Due dates

The due date for your BAS lodgement will be displayed on your BAS.

If you report quarterly, the due date for is quarter is:

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

The due date for your monthly BAS is typically the 21st day of the month following the end of the taxable period.

What if you can’t lodge and pay your BAS on time?

You should always lodge your BAS on time, even if you can’t pay, to avoid the failure to lodge on time penalty. If you can’t pay by the due date, the ATO will usually allow you to enter into a payment plan. You should contact the ATO as soon as you know you won’t be able to pay to ensure you can come to a solution as quickly as possible.

More information? To find out more, give us a call on 1300 023 782 or email team@cdrta.com.au.

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Craig is the principal consultant of C&D Restructure and Taxation Advisory and has been working in the industry since 1999. Having established C&D Commercial Partners in 2015 the precursor to the current business.

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Post Author: Craig Dangar

Craig is the principal consultant of C&D Restructure and Taxation Advisory and has been working in the industry since 1999. Having established C&D Commercial Partners in 2015 the precursor to the current business.

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