Are you a newbie to the world of business finance? You might be unsure about the fact that when your tax lodgments are due! The Australian tax code might seem a little bit convoluted for anyone who’s not well-acquainted with its various facets.
However, it’s still crucial that every business must have a fundamental understanding of the business terms, GST, BAS, and other indispensable elements. So, in today’s blog, we will precisely talk about what is a BAS, and if you are stumped and don’t know what to include on a BAS, this guide will sort all things out!
A business activity statement is a detailed report to be submitted by an Australian business to the ATO. As per this report, multiple business taxes should be paid to the pertinent tax office. Therefore, BAS consists of accurate details about the major business taxes needed to be paid by a business. Such taxes are:
Every Business Activity Statement is unique to a business, and it may or may not incorporate all the aforementioned taxes. The Business Activity statement of your business will solely include a precise report about those tax types, which your business is entitled to pay.
ATO, aka the Australian Taxation Office, will send your activity statement approximately 2 weeks prior to the end of the reporting period. All you have to complete and return by the due date along with the due payment of BAS. You can lodge your BAS:
The due date will be demonstrated on your form for paper lodgments for lodging and paying your BAS. In case you lodge electronically, you will get diverse BAS due dates.
On the other hand, if that due date falls on Saturday, Sunday, or even on a public holiday, you will get the next business day to lodge and pay the BAS.
Your payment cycle and reporting for GST will be one of the following:
Do you have a GST turnover of $20 million or over this amount? If so, you can opt for a monthly payment.
Choose quarterly payment if you have a turnover of $20 million or less.
Pick annual payment mode if you are registering for GST. Also, your turnover in GST is less than $75,000 or for non-profits, the amount would be $150,000.
Natural calamities could alter the Business Activity Statement due dates and also if any extenuating situations emerge. A BAS agent will diligently help you with ascertaining your filing needs and due dates.
The Australian Taxation Office or ATO possesses stringent BAS lodgements dates. Therefore, it will be worth your time to record those in your calendar and also set unmissable reminders:
|Lodgments Period||Reporting Period||Due Date|
|1st quarter||July to September||28 October|
|2nd quarter||October to December||28 January|
|3rd quarter||January to March||28 April|
|4th quarter||April to June||28 July|
In case you don’t know, using a BAS Accountant will give you a full month’s additional time to lodge your BAS and reimburse the GST bill. So, getting in touch with a professional accountant will help you enhance cash flow.
BAS is a simple form that recapitulates the GST and other taxes you have held back during the quarter. The minimal piece of information you should report on your BAS form includes:
Here’s a precise BAS preparation checklist of the tasks you have to complete before reporting your Business Activity Statement for the quarter, which is shown below:
In a nutshell, a Business advisor Perth is a registered agent with the Tax Practitioners Board. Therefore, if you use an unregistered tax agent, you might be entangled in any fraudulent cases.
Hopefully, this blog provides you with seamless information about BAS, how to lodge your BAS, and so on. So, it’s undoubtedly a simple process, and you shouldn’t have undergone any issues while submitting the correct details on time.