What is a BAS?

A business activity statement (BAS) is a form that you or your tax accountant, fills out each month, quarter or year. The ATO uses this information to calculate your GST refund or bill. Depending on your business, it’s also used for business income tax, fringe benefits tax, employee income tax and more.

Who needs to pay BAS

If you are a business registered for GST, you need to lodge a BAS.

How to lodge a BAS

You can lodge your BAS:

• via your online accounting software online accounting software
• through your myGov account if you’re a sole trader
• through the ATO’s online business portal
• or by having a tax accountant submit it for you
  

For more details visit How to lodge your BAS by the ATO

What are BAS due dates?

How much your business is turning over annually will determine how frequently you are required to complete your BAS.

More than $20 million annual turnover

Lodge: Monthly.

Deadlines: You must submit a BAS within 21 days of the month closing.

Less than $20 million annual turnover

Lodge: Quarterly.

Deadlines:

• Quarter 1 (July-September) BAS is due on 28 October.
• Quarter 2 (October-December) is due on 28 February.
• Quarter 3 (January-March) is due on 28 April.
• Quarter 4 (April-June) is due on 28 July.

If your turnover is less than $10 million, you may be able to lodge annually – but you’re still required to pay a quarterly instalment of the GST you owe.

Less than $75,000 annual turnover (or $150,000 for non-profits)

Lodge: Annually.

Deadline: Submit with income tax return.

If you miss your BAS due date

The ATO may penalise you if you miss your BAS deadline without reason.

GST payments and refunds

If your BAS identifies that you owe GST, then you will need pay shortly after. The due date for paying is displayed on your BAS.
If you can’t afford to pay your BAS immediately, you may be able to avoid a fine by working out a payment plan with the ATO.
If you paid more GST than you collected, the ATO will pay you a refund.

Benefits of getting a tax accountant to submit your BAS

Accountants are trained in BAS compliance

Accountants know how to correctly record all of your income and expenses and minimise your GST payments when it’s due. They know whether the transactions attract GST or not, and will ensure your BAS is prepared accurately. This can help you avoid claiming GST where it isn’t due and help you avoid a costly ATO Audit.

Get a lodgement and payment extension

For those completing BAS themselves, they will need to lodge and pay within 4 weeks of the end of the Quarter (if you lodge your BAS quarterly). However, if a registered tax agent lodges your BAS, you will have an additional 4 weeks.