Adelaide accountant Kym Nitschke’s Business Activity Statement guide helps you understand who needs to lodge a BAS, when the deadlines are and how to avoid penalties.
What is a Business Activity Statement?
A Business Activity Statement is most commonly known as a BAS.
Your BAS is used for reporting on a range of tax obligations, which can include:
- Goods and Services Tax (GST)
- Luxury Car Tax (LCT)
- Fuel tax credits
- Wine Equalisation Tax (WET)
- Pay-As-You-Go (PAYG) withholding and instalments
- Fringe Benefits Tax (FBT) instalments, and
- Deferred company instalments
Do I need to lodge a BAS?
All businesses registered for GST must lodge a BAS.
If your business income is greater than $75,000 (or $150,000 for not for profit organisations) you must report and lodge a BAS either annually, monthly or quarterly depending on the business
Do I need to pay my BAS monthly or quarterly?
If your GST turnover is less than $20 million you can report and pay GST quarterly. If your GST turnover is in excess of $20 million you must lodge and pay your GST monthly.
The only exception is if the ATO notifies you otherwise.
Are there BAS deadlines?
All businesses registered for GST are required to lodge a BAS for each period by the due date.
If you report quarterly:
July, August and September: Due 28 October.
October, November and December: Due 28 February.
January, February and March: Due 28 April.
April, May and June: Due 28 July.
If you report monthly the deadline is by the 21st of the following month.
What happens if I miss the deadline?
If you miss the deadline FTL penalties may apply, starting with a $180 fine.
When you’re running your own business, it unfortunately can be easy for these deadlines to slip your mind or details missed. This is why we recommend working with an experienced accountant to help you manage your BAS.
How to lodge a BAS?
You can lodge your BAS through your tax agent (e.g. Nitschke Nancarrow accountants) or the Australian Tax Office business portal.
The Nitschke Nancarrow team has extensive experience with BAS and tax advice. Call me for a no obligation chat on (08) 8379 9950 or send an email, and find out how we can help you.
– Kym Nitschke, Managing Partner