A Business Activity Statement (that’s what BAS stands for) has a few options for due dates. Let’s run through them.
The most common option for BAS lodgement and payment is quarterly, on the 28th of the month after that quarter is over.
For example: your BAS for quarter three (January, February and March) is due April 28th. For quarter four (April, May and June) the due date is July 28th. And so on and so forth.
Why is quarterly the most common option? Because it means you only have to lodge a BAS four times a year and therefore takes a bit off your mental load.
However, you also have the option to lodge and pay your BAS monthly, if you feel so inclined. Perhaps you’re the kind of person who likes to feel organised and on top of things and this might feel more consistent and comfortable.
If that’s the case, the due dates are the 21st of the month following the taxable period. So for example, for the month of October, your monthly BAS would be due on November 21st.
There is one more option for how you pay BAS, but this one is only available to those individuals who are electively paying GST. This means they are earning under $75,000 of business income annually and aren’t required to be registered for GST, but have done so voluntarily. If this is you, you can lodge your BAS annually. This is due on the spookiest date of the year, October 31st.
If you aren’t registered for GST, you don’t need to lodge a BAS at all!
If you have a tax agent, then you may get extended lodgement due dates for your BAS to allow your tax agent more time to prepare and lodge a BAS for all their clients.
What even is a BAS?
A BAS is your way of reporting and paying your GST, PAYG instalments, and PAYG withholding – if you employ staff – to the ATO.
It’s required for all GST-registered business owners or sole traders so that these taxes get paid throughout the year and the ATO can see that you are doing the correct, legal thing based on your annual income.
It’s just one of those things that you – a GST registered business – have to do. However, if you dread numbers and paperwork, then you can always rely on us to take over. When you sort all your business finances through Hnry, we’ll literally sort your BAS and lodge it for you.
We’re that trusty pal who loves doing your taxes – a rare breed, no?
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