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What is BAS?

A Business Activity Statement (BAS) is a form used by businesses to report and pay a range of taxes to the Australian Taxation Office (ATO). BAS is typically submitted either monthly, quarterly or annually, depending on the size and turnover of the business.

BAS includes information about various taxes and obligations, such as:

Goods and Services Tax (GST)

A bookkeeper’s level of experience and qualifications significantly influence their hourly rate. Those with more years in the field or advanced certifications may charge higher rates.

Pay As You Go (PAYG) withholding

The complexity of the bookkeeping tasks you require can affect the rate. Some bookkeepers may offer more specialised services or may charge more for their expertise.

PAYG instalments

If a bookkeeper has experience in a particular industry, they may charge more for their specialised knowledge and understanding of industry-specific financial processes.

Fringe Benefits Tax (FBT)

If a business provides fringe benefits to its employees, it may need to report and pay FBT.
BAS is a crucial tool for the ATO to monitor and collect various taxes from businesses. It helps businesses fulfill their tax obligations and ensures that the government receives accurate and timely information about financial transactions. Businesses can lodge their BAS online through the ATO’s Business Portal or through a registered tax agent.

What are the BAS due dates?

The lodgement frequency of your BAS depends on your business turnover, with the two primary timeframes being:

Monthly

Applicable to businesses with a turnover of $20 million or more. Due on the 21st of each month following the end of the taxable period. For instance, a July monthly BAS is due on 21 August.

Quarterly

Applicable to businesses with a turnover of less than $20 million. For the 2023-24 period, the BAS lodgement dates are as follows: 28 October, 28 February, 28 April and 28 July.

It’s important to be aware that this frequency might change if your business turnover fluctuates. Maintaining accurate records is crucial for determining the correct lodgement frequency.

Please note that dates may vary if you choose to lodge online or engage the services of a registered tax agent.

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Do I need to lodge BAS?

Not every business is required to complete BAS, but it is a crucial requirement for many enterprises, particularly those registered for GST and those with specific tax obligations. Here’s an overview of key business categories that typically need to complete a BAS:

GST-Registered Businesses

Businesses with an annual GST turnover exceeding $75,000 are required to register for GST and complete a BAS.

Businesses with an Australian Business Number (ABN)

Even if a business falls below the GST turnover threshold, having an ABN may require BAS lodgements. This is essential for reporting other tax obligations like Pay As You Go (PAYG) withholding for employees. Seek support from a registered tax agent for personalised guidance.