What is a Business Activity Statement?
Depending on the size of your company, you may fill out a BAS form as often as once a year or as often as twelve times. Your BAS information is used by the ATO to calculate your GST bill or refund. In addition, it's utilized for employee income tax, fringe benefits tax, luxury car tax, wine equalization tax, business income tax (if you're in the pay-as-you-go system), and fuel tax credits.
Details that you will require
A record of the GST you were able to collect from sales and the amount paid for purchases is required. Tax invoices are not required to be submitted with your BAS submission, but you must have them available. Later, the ATO might request to see them.
You will most likely be required to submit additional information about your business, its revenue, and any employees, as your BAS may be utilized for other tax purposes. Visit the ATO website to learn more about business activity statements.
How to submit a BAS
- Your BAS can be submitted online at:
- through your accounting program online
- whether you're a sole proprietor, through your myGov account
- via the online business portal of the ATO
- by having it submitted on your behalf by a registered tax or BAS agent, who is typically an accountant or bookkeeper.
Which dates are BAS due?
The volume of business you conduct determines how frequently you should complete a BAS and when you need to submit it. And your annual turnover serves as a gauge for that.
Over $20 million in revenue per year
Lodge: Every month.
Deadlines: Within 21 days of the month closing, a BAS must be submitted.
less than $20 million in revenue each year
Lodge: Every three months.
Timelines:
BAS for the first quarter (July–September) is due on October 28.
On February 28th, the second quarter (October–December) is due.
The third quarter (January–March) is due on April 28.
The deadline for the April–June quarter is July 28.
You might be able to file annually if your turnover is less than $10 million, but you will still need to pay the GST you owe in quarterly installments.
yearly turnover of less than $75,000 (or $150,000 for non-profits)
Lodge: Every year.
Submission deadline: Include with income tax return.
Should your BAS deadline pass you by
If you miss your BAS deadline without a valid reason, you might face penalties from the ATO. This is how the amount of the fine is determined.
Payment of GST
You must usually pay your GST on the same day if your BAS indicates that you owe it. You can pay Australia Post in person, by mail, or online.
By filing your BAS on time and arranging a payment plan with the ATO, you may still be able to avoid a fine even if you are unable to pay the GST you owe.
Refunding GST
The ATO will owe you a refund if you paid more GST than you were able to collect. It will be deposited straight into the bank account you designate.
Check the ATO for updates and more information
https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/gst/in-detail/managing-gst-in-your-business/reporting-paying-and-activity-statements/completing-your-bas-for-gst