BAS SERVICES

A BAS (Business Activity Statement) is an activity statement that GST registered businesses need to lodge (usually quarterly for small business) to account for:

• The difference between GST Collected (paid from customers) and GST Paid (paid to suppliers)

• PAYG withheld from employees wages

• Where required, a prepayment on your income tax (called PAYG income tax)

For businesses registered to pay quarterly who are not using a BAS Agent (like us) to lodge their return, BAS payment due dates are as follows:

• 1st Quarter – July, August, September due 28th October

• 2nd Quarter – October, November, December due 28th February

• 3rd Quarter – January, February, March due 28th April

• 4th Quarter – April, May, June due 28th July

Extensions of 4 weeks apply if you are using a BAS agent or tax agent, excluding the 2nd quarter as everyone gets an extension then

Obviously its ideal to put aside the money each week so that you have it ready when the BAS is due. But if you find yourself in a position where you don’t have the money, you should call the Tax Office and ask for a payment plan. If you call the Tax Office up front, then any fines will usually be lower.

Not necessarily. The most common exceptions are:

• Imports

• Non prepared food (eg milk and instant coffee but not take away coffee or biscuits)

• Some government charges, such as ASIC fees, Stamp Duty

• Bank Fees

• Loan Payments

• Owners Drawings

Do not worry, it is very common, and (with the right help) the problem is easily fixed but its important to address it earlier rather than later.

Whatever the reason you fell behind, you need to get up to date. As registered BAS agents and qualified bookkeepers we deal with the ATO on your behalf on matters relating to BAS agent services, PAYG reporting, IAS and more. We can negotiate on your behalf for lodgement and payment extensions depending on your circumstances.

Registered BAS agents can also lodge:

• Single Touch Payroll (digital way of reporting salary and wage, tax withheld and super)

• A super guarantee charge (SGC) statement – quarterly form

• A taxable payments annual report

• Payment summaries, employee termination payments, gross wages, allowances, PAYG withholding and other taxable and non-taxable payroll items

• A tax file number declaration on behalf of a client

• An application to the Registrar for an Australian business number on behalf of a client.