What is BAS?
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.
The due date for your BAS lodgement will be displayed on your BAS.
If you report quarterly, the due date for is quarter is:
|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.