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 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 do you need to lodge a BAS?
Most businesses need to lodge their BAS quarterly. By the following dates:
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.
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.
How we can help
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!