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Business Activity Statement (BAS)

What is a Business Activity Statement?

 

A Business Activity Statement is a document which summarises the amounts of GST payable and receivable for the relevant period. It also includes other taxes like PAYG withholding and ABN withholding.

The main aim of a Business Activity Statement is to allow businesses to report and pay a number of tax obligations in one transaction.

All business owners who are registered for GST must lodge a BAS for each period, whether monthly or quarterly.

Make sure you’re aware of the following dates in relation to the lodgement and payment of your BAS:

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

Quarterly:

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

 

You are still required to lodge a Business Activity Statement regardless of whether your business has traded or not.

What happens if you don’t lodge your Business Activity Statement on time?

 

If you miss the lodgement date, you risk facing a failure to lodge (FTL) penalty. This penalty is calculated at the rate of one penalty unit for each period of 28 days or part thereof for which a document is overdue.

The value of one penalty unit is $170.

 

What happens after I lodge my Business Activity Statement?

 

After the ATO has processed your business activity statement, you’ll either have a tax obligation to the ATO, or will be receiving a refund.

In some cases, the ATO may withhold some or all of your refund. This can happen for a number of reasons, including:

  • Part or all of the refund has been retained by the ATO in a process known as offsetting, in which the retained capital is used to pay back existing tax debt
  • The details shown on your BAS need checking or verification
  • Your business activity statement lodgement obligations are not up to date

 

Do you have a question about Business Activity Statements?

Located in Sydney NSW, Quinn Consultants can provide advice on business activity statements a range of business accounting issues.

Call us today on 02 9223 9166 or submit an online enquiry and let us know how we can help you.