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:
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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.
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.
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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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
GST Registered Businesses
Businesses with an annual GST turnover exceeding $75,000 are required to register for GST and complete a BAS.
ABN
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.
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.
Some non-profit organizations may be required to complete a BAS if they are registered for GST or have other tax obligations.
A Business Activity Statement is a form submitted to the Australian Taxation Office (ATO) to report and pay several tax obligations, including GST, PAYG withholding, PAYG instalments, and other taxes.
Businesses registered for Goods and Services Tax (GST) in Australia are required to lodge a BAS. This includes companies, sole traders, and other entities with a GST registration.
BAS can be lodged monthly, quarterly, or annually depending on the business’s GST turnover and ATO requirements. Most small businesses lodge their BAS quarterly.
A BAS typically requires details about GST collected on sales, GST paid on purchases, PAYG withholding amounts for employee wages, and any other relevant tax obligations.
If a BAS is not lodged on time, penalties and interest charges may apply. It's important to lodge by the due date, even if no payment is due, to avoid these penalties.
*Retinue’s payroll service includes the processing of hours and wages rates provided by you. We do not determine award rates for your employees or provide advice on the correct employment status of your employees. It is your responsibility to ensure that your employees are paid correctly and we recommend obtaining advice from specialised employment relations experts.
*Retinue’s (ABN 66 658 618 449) payroll service includes the processing of hours and wages rates provided by you. We do not determine award rates for your employees or provide advice on the correct employment status of your employees. It is your responsibility to ensure that your employees are paid correctly and we recommend obtaining advice from specialised employment relations experts.
Protection is only provided for ATO investigations notified to us during the period which you are a client and relating to any tax returns or lodgements prepared by us. Fines includes any penalties and interest that may result from any errors made by us but does not include any additional tax liability that may result from an amended lodgement.
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