Everything You Need to Know About Business Activity Statements
If you are an Australian business registered for Goods and Services Tax (GST), you will need to lodge a Business Activity Statement (BAS) some time during the year.
A BAS is a report submitted to the Australian Tax Office (ATO) so that both you and the government can keep track of your:
Pay As You Go (PAYG) instalments
Other additional taxes your business is subject to.
The ATO will notify you when you need to lodge your BAS when your business is registered with an Australian Business Number (ABN) and also for GST.
How can you lodge your BAS?
You can lodge your BAS with the ATO in a number of ways. It is important that you lodge your BAS on time, even if you cannot make payments immediately, otherwise penalties may apply. When lodging your BAS with the ATO, you can:
Lodge online or electronically with myGov online services (if you are an individual or a sole trader), the ATO website, or with SBR-enabled software
Lodge through a tax agent or a BAS agent. A registered tax agent can lodge and pay on your BAS on behalf of your business
Lodge by mail, by filling out a BAS form as provided by the ATO and posting it directly to the Australian Taxation Office.
What are the due dates for lodging BAS?
Your BAS lodgement dates and reporting cycles can either be:
Quarterly (if your GST turnover is less than $20 million)
Monthly (if your GST turnover is $20 million or more)
Annually (if your business is voluntarily registered for GST and your GST turnover is less than $75,000)
The ATO or your tax agent will inform you of when you need to lodge your BAS once your business is registered.
Lodging your BAS can be a time-consuming process, especially if you need to be lodging monthly or quarterly. Working with a BAS agent or tax accountant may help with lighting your load on this matter.