Business Tax Services - Business Activity Statement BAS

BAS defined:
The Business Activity Statement (BAS) is a pre-printed document issued by the ATO on either monthly or quarterly basis. The document summarises the amounts of GST payable and receivable for the relevant period and a range of other taxes including PAYG withholding and ABN withholding.

Lodgement:
Your BAS can be lodged either:

• Online

• Through your accountant

• Via the mail

• Over the phone

If you don't submit your BAS on time, you may be subject to a failure to lodge (FTL) penalty. The FTL penalty is applicable from 1 July 2002, and if you incur this penalty the Tax Office will inform you by issuing you with a notice. Though there are Commissioners who have the power to remit the penalty if your history with the Tax Office is favourable.

If you are late in lodging your BAS, for every 28 day period (or part thereof) that you failed to lodge you can be charged $110; however, you can not incur charges that exceed $550. NB: the penalty is x2 if your business turns over more than $1 million but less than $20 million, and x5 if you turnover more than $20 million.

If the BAS you submit contains information that is not correct, the least you will be charged - in the case of a genuine mistake, is general interest on the underpaid tax or extra credit received. If however, the mistake was attributable to carelessness or purposefully ignoring the law, you will be charged a penalty based on a percentage of the shortfall amount in question - the exact percentage charged will be dependent on the reason for the incorrect amount.

 

Important Dates:

You can lodge your BAS either monthly, quarterly, or annually. The following are important dates you need to know in relation to the lodgment and payment of your BAS:

• Monthly: The 21st day of every month for the period just gone.

• Quarterly: The 28th of the following months - October, February, April, and July. (In the case of a lodgment/payment falling due on a weekend or public holiday, it is due by the next business day.)

• Annually: (pertaining to GST Return): Is sent out after the fourth quarter BAS, and needs to be lodged by either the 28 February, or before your yearly income tax return is due, whichever comes first.

Refunds:
The usual outcome of a BAS being processed is either a refund (from the ATO), or you will owe them money (in relation to your tax collections). When it comes to your refund, sometimes the ATO will keep some or all of it. Their basis for this can include:

• You have a previous outstanding tax debt owing to the ATO,

• Information provided in your BAS needs clarifying,

• You failed to nominate a bank for the payment to go to, or the information you gave the ATO regarding that account was incorrect,

• You forgot to lodge one of your BAS.

The world of tax can be extremely complex and if obligations are not adhered to it can often become quite stressful, not to mention costly. The accountants, lawyers and tax agents at The Quinn Group are able to assist you with all tax and ATO related matters. For advice or more information contact us now by submitting an online enquiry form or call 1300 QUINNS or on +61 2 9223 9166.

Back to Business Tax Services

The Quinn Group - Providing the Total Solution

As both a legal and accounting firm The Quinn Group are able to offer business legal and accounting services in one location. Visit our Business Legal Services page to see our range of legal services available to your business.

Visit our Business Accounting Services page for more information on the wide range of Accounting Services that The Quinn Group can provide to you as an individual.

View all our office locations to find The Quinn Group office nearest you, or call us on

1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.

Whilst we have 5 offices located in Sydney, we are also able to meet you at location convenient for you. Additionally, we have web and teleconferencing available for regional, interstate or international clients.