If you are a business registered for GST you need to lodge a business activity statement (BAS).
Your BAS will help you report and pay your:
- goods and services tax (GST)
- pay as you go (PAYG) instalments
- PAYG withholding tax
- other taxes.
When you register for an Australian business number (ABN) and GST the ATO will automatically send you a BAS when it is time to lodge.
How to lodge your BAS
You have several options for lodging your business activity statements (BAS) and reporting your goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other taxes.
There are several options to lodge online, including:
- Online services for individuals and sole traders (accessed through myGov) – allows you to manage your tax and super in one place.
- Online services for business – a secure ATO website used to manage your business tax affairs online.
- SBR-enabled software – allows secure online lodgment directly from financial, accounting or payroll software, and often integrated with business software that’s tailored to specific industries.
Lodge through us as your tax agent.
If you engaged us as your taxagent we can lodge, vary, and pay on your behalf through our preferred electronic channel.
Due dates for lodging and paying your BAS
The due date for lodging and paying is displayed on your business activity statement (BAS).
If the due date is on a weekend or public holiday, you have until the next business day to lodge and pay.
Your GST reporting and payment cycle will be one of the following.
- Quarterly – if your GST turnover is less than $20 million – and we have not told you that you must report monthly.
- Monthly – if your GST turnover is $20 million or more.
- Annually – if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies).
As your tax agent can help you lodge your activity statements.
Quarterly reporting
If you lodge online, you may be eligible for an extra two weeks to lodge and pay your quarterly BAS.
| Quarter | Due date |
|---|---|
| 1. July, August and September | 28 October |
| 2. October, November and December | 28 February |
| 3. January, February and March | 28 April |
| 4. April, May and June | 28 July |
A later lodgment and payment due date does not apply for quarter 2 because the due date already includes a one month extension.
If you are finding it hard to lodge and pay on time
We understand that there may be a time when you’re finding it hard to lodge or pay by the due date. If you’re having difficulty, we can help you. Contact us as soon as possible before the due date and we will work with you to find a solution with the ATO.
It is important to remember that it is your responsibility to meet your obligations, even if you use us as your tax agent. You can have us as an authorised representative to discuss with ATO.
It is important to lodge on time as this ensures that your information is up to date, which provides you with certainty of the amount you need to pay.
A penalty may apply if you fail to lodge on time, so – even if you need extra support to pay – lodge on time or contact us to discuss support options with the ATO.
If you are finding it hard to pay by the due date, you may be able to enter into a payment plan
BAS and GST record keeping
Keeping good records helps you stay on top of your business. Remember to:
- keep records of all sales, fees, expenses, wages and other business costs
- keep appropriate records, such as stocktake records and logbooks to substantiate motor vehicle claims
- reconcile sales with bank statements
- use the correct GST accounting method
- keep all your tax invoices and other GST records for five years.
GST credits
- Only claim GST credits on the business portion of purchases, and
- don’t claim GST on private expenses, such as food or entertainment
- if an item is for business and personal use, only claim the business portion.
- Use the discounted price when claiming GST credits for discounted purchases, even if the discount doesn’t appear on the invoice.
- Claim GST credits up front for purchases under hire purchase agreements (entered into on or after 1 July 2012) – if you account for GST on a cash basis.
- Claim GST credits on the Australian dollar value when claiming invoices in a foreign currency.
- If your business changes or ceases you may need to repay some GST credits for business assets you decide to keep.
When not to claim GST credits
Remember not to claim:
- purchases that don’t include GST in the price, such as
- bank fees and charges and stamp duty
- GST-free items, such as basic foods
- imported goods – unless you’re the importer of the goods and import them solely or partly for your business
- purchases made between entities within a GST group. However, you can claim GST credits on purchases between GST branches.
Invoices
Remember to:
- check GST is included on invoices you issue for sales
- only claim GST credits if you have tax invoices for purchases of $82.50 (including GST) or more
- make sure invoices are only counted once.
Questions?
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