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Business Activity Statement (BAS) basics

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Business Activity Statement (BAS) Basics

If you’ve just started running a small business (or you’re thinking about starting one), you might be wondering whether you need to lodge a BAS. And if so, when and how you do it.

Why Lodge BAS?

Why do you need to lodge a BAS?

You’ll need to lodge a BAS if you’re registered for GST with the Australian Taxation Office (ATO). It’s compulsory to register for GST if your business turnover is more than $75,000 per year. Your BAS will help you to report and pay any of the following tax obligations that you might have:

  • goods and services tax (GST)

  • pay as you go instalments for any tax you need to pay

  • pay as you go withholding tax for any employees you have

When to lodge BAS

When do you need to lodge a BAS?

Most businesses need to lodge their BAS quarterly. By the following dates:

  • 28 October

  • 28 February

  • 28 April

  • 28 July

The ATO will automatically send you a BAS when it’s time to lodge. There are financial penalties if you don’t lodge on time. If your small business reaches an annual turnover of $20 million, you’ll need to lodge your BAS monthly.

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How to pay BAS

How do you lodge a BAS?

You can lodge your BAS online, through a registered tax or BAS agent, or by mail. You can pay any tax you owe online via BPAY, debit card or credit card. If you’re due for a refund, the ATO will pay the amount into your nominated bank account.

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We can help

How we can help

At Scorpion Bookkeeping, we’re a Xero-certified advisor. We can help you to set up a bookkeeping system to make preparing and lodging your BAS on time a simple process.

We can also help you with any bookkeeping support services that you may need, no matter what type of business you have. We currently have clients in a diverse range of industries in South Australia, Victoria and New South Wales.

Contact us today to find out how we can help your business!

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