A Business Activity Statement (BAS) is a government form that must be lodged with the ATO by all businesses registered for GST in Australia.
Lawpath offers support assisting with the lodgement of your Business Activity Statement (BAS) through our Tax Compliance Plan.
If you are not on the Tax Plan yet, here are some answers to some common questions:
What is the BAS?
A Business Activity Statement (BAS) is a government form that must be lodged with the ATO by all businesses registered for GST in Australia.
The statement summarises the taxation affairs of a business including:
GST;
Pay As You Go (PAYG) Instalments;
PAYG Withholding Tax; and
various fringe benefits and other tax obligations.
How often do I need to lodge a BAS?
Depends on your business's circumstances and turnover. Typically are:
Monthly - GST turnover is $20 million or more
Quarterly - GST turnover is less than $20 million
Annually - If your GST turnover is less than $75,000 (or $150,000 for non-profits), and you are voluntarily registered for GST, you can choose to lodge annually.
What are the three ways to lodge your Business Activity Statement?
Online Submission
These include:
Online services for individuals and sole traders (accessed through myGov) allow you to manage your taxes and supers in one place.
Online services for business – a secure ATO website used to manage your business tax affairs online.
SBR-enabled software – allows secure online lodgment directly from financial, accounting or payroll software and is often integrated with business software tailored to specific industries.
2. Lodge through your tax or BAS agent (eg, Lawpath Tax Plan)
Your Tax Agent or Accountant can handle this on your behalf. Lawpath offers this service through our Tax Plan, which also provides the added benefit of extended due dates for lodgements. Click here to learn more https://www.tpb.gov.au/registrations_search
3. Lodge by mail
You can also lodge using a paper form and mail it directly to the ATO.
Find out more on the ATO website
What I haven't begun trading? (Nothing to report)
This is referred to as lodging a 'nil BAS'. Even if you have not begun trading or it is 'minimal', you still must report during your BAS period.
You can lodge your 'nil' BAS:
Online
By phone on 13 72 26
Our Accountants can assist with lodgement through our Tax Plan. Find out more via the link here: Lawapth Tax Plan.
How will I know if I need to submit my BAS annually or quarterly?
When you registered for your ABN, you chose your BAS reporting frequency. If unsure, your new tax agent can find this information once you subscribe to the Tax Plan.
Can I get help with lodging my BAS?
You can seek help from a registered tax or BAS agent to prepare and lodge your BAS. Accounting software can also simplify this process. If unsure about your BAS obligations, contact the ATO or consult a tax professional.
What are the Business Activity Statement (BAS) due dates?
You can find the BAS due dates by checking out the link below: BAS Dates
How do I fix my BAS mistake or adjust it?
You can correct your BAS mistake and adjust by checking out the link below: ATO Fix Lodgements.
Don't want to worry about your BAS? Sign up for the Lawpath Tax Plan, and our team can take care of it!