Lodge Business Activity Statement (BAS)

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Business Activity Statement

A Business Activity Statement (BAS) is a tax reporting obligation for business. It is issued by the Australian Taxation Office (ATO). BAS statements allow you to let the government know how much money you have collected and how much you have paid out. It covers a wide range of payments, including GST, pay as you go (PAYG) income tax instalment, fringe tax benefits (FBT), fuel tax credits, PAYG tax withheld, luxury car tax (LCT), and so on. GST Registered Businesses in Australia must lodge BAS returns accurately and on time. Consequently, many businesses employ professional bookkeepers to ensure that their lodgments are correct.
 

Lodging a Business Activity Statement

Lodging online

If you choose to complete your BAS statement form online, you can do so via the ATO’s Business Portal, your myGov account (if you’re a sole trader), or through SBR-enabled financial, accounting, or payroll software.

Lodging by mail

It is also possible to lodge by mailing your completed BAS statement form with the pre-addressed envelope included in your BAS package.

Lodging through a tax or BAS agent

If you have got a registered BAS or tax agent, they can lodge or pay on your behalf. In this case, the agent will take all the responsibilities.

The purpose of BAS

Once registered for GST, the ATO issues a BAS as the official statement for reporting the amount of GST that the business is obligated to pay to the ATO. After GST commenced back in 2000, businesses with a turnover of more than $50,000 per year, needed to register for BAS. Some years later, that limit was raised to $75,000.

All GST registered businesses are obliged to lodge BAS. Even where the income drops below the $75,000 threshold, the business is not automatically exempt. It is the responsibility of the business to cancel the registration, when the business closes, or when the business is sold. The business may elect to deregister if turnover drops below the annual income limit.

How to do a BAS statement

After you’ve decided how to lodge your BAS statement, it’s time to complete the form. Want to learn how to do a BAS statement? It’s relatively simple:

- Prepare your information

- Prepare your BAS statement form

- Lodge your BAS statement on time

BAS due dates

Generally, registered businesses might be required to lodge BAS either every month, every quarter, or every year. With regards to monthly returns, these are due 21 days after the last day of the month.

The common quarterly lodgment dates are the months of:

• July, August, September (to be paid 28th October) • October, November, December (to be paid 28th February. An additional month is given because of the traditional Christmas break) • January, February, March (to be paid 28th April) • April, May, June (to be paid 28th July)