A Business Activity Statement (BAS) is a tax reporting obligation for businesses issued by the Australian Taxation Office (ATO). It helps you report and pay your goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax, and other taxes.
There are strict due dates for the lodgement of your BAS, and penalties apply if you are late to lodge.
Registered businesses might be required to lodge their BAS either every month, every quarter, or every year.
The BAS lodgement cycle is determined by the ATO, and all BAS lodgements must be accurate and on time or you will face penalties – which is why it’s beneficial to have an expert like XETA to manage your BAS lodgements.
Monthly is for businesses with GST turnover of over $20 million.
Quarterly is if your GST turnover is less than $20 million.
Annually is if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies).
The ATO determines your BAS lodgement cycle, and it’s important you meet the deadlines, or you will face penalties.
If you do your own BAS lodgements, then they are due to the ATO on the 28th of the month following the end of the accounting period. If you use a tax agent like XETA, the lodgement date is two months after the end of the accounting period.
You are probably aware that it’s compulsory to lodge your BAS at least quarterly, but maybe you have some overdue. Perhaps you were too busy, the forms were too complicated, or there was an unforeseen circumstance that stopped you from lodging your BAS with the ATO. Don’t worry, it’s very common and with the right help the problem can be fixed easily. Whatever the reason you fell behind, you need to get up to date and doing so will help you get a better night’s sleep.
The easiest way to get back on track is to get in touch with XETA Bookkeeping & CFO Services, registered BAS Agents. We’ve dealt with all different types of situations, and can guarantee we’ve seen, and fixed, a lot worse.
"We have grown exponentially quarter-on-quarter since signing up with the XETA team, from being sole traders to becoming company directors. XETA supported us through COVID and we have emerged even stronger than before."
Our fixed pricing means you won’t receive a surprise bill! Simply fill in the form below and a member of our friendly team will be in touch.