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If your business is registered for GST, the business activity statement is one of your most regular obligations. It reports and pays several taxes in one form, so getting it right each period keeps year-end simple.
What goes on a BAS
Depending on your business, your BAS can include:
- GST collected on sales, less GST credits on business purchases
- PAYG withholding deducted from employees' wages
- PAYG instalments, which are prepayments of your income tax
- Other items such as fringe benefits tax instalments, wine equalisation tax or fuel tax credits
Quarterly BAS due dates
Most small businesses lodge quarterly. If you lodge yourself, the usual due dates are:
- July to September: 28 October
- October to December: 28 February
- January to March: 28 April
- April to June: 28 July
Monthly lodgers generally have until the 21st of the following month. Businesses that lodge through a registered tax or BAS agent may be able to access later due dates for quarterly statements.
Cash or accrual accounting for GST
- Cash basis: you account for GST when you receive or make payment. Available to smaller businesses and often easier on cash flow.
- Accrual basis: you account for GST when you issue or receive an invoice, even if it has not been paid yet.
Common BAS mistakes
- Claiming GST credits without a valid tax invoice
- Claiming GST on purchases that do not include GST, such as bank fees, stamp duty and wages
- Treating private purchases as business expenses
- Forgetting to report GST on the sale of business assets such as vehicles
- Reconciling the bank feed in a hurry the week the BAS is due
If you are behind
Overdue activity statements tend to compound. The ATO is generally more flexible with businesses that engage early, and payment plans may be available. We can bring your lodgements up to date and talk to the ATO with you.
Our BAS, GST and bookkeeping service covers preparation and lodgement, reconciliations and payroll, so each quarter is routine rather than a scramble.
This article is general information only and does not consider your personal circumstances. Tax rules, rates and thresholds change, so speak with a registered tax agent before acting on it.