What is a BAS Statement and When is it Due?

A Business Activity Statement (BAS) is a form that businesses must submit to report and settle their tax obligations with the Australian Taxation Office (ATO). While GST constitutes a significant portion of the BAS, it also encompasses other taxes like pay-as-you-go (PAYG) instalments, fringe benefits tax (FBT), withholding taxes, luxury car tax, and wine equalisation tax.

In addition to GST, your BAS may require details of GST collected on sales and paid on purchases. While tax invoices aren't mandatory during BAS submission, it's important to keep them handy as the ATO may request them later. Since BAS serves multiple tax purposes, providing additional information about your business, income, and employees might be necessary.

When is BAS due?

BAS due dates depend on your GST reporting cycle. Essentially, when completing a BAS form, you're reporting the GST amount collected on sales minus that paid on purchases, determining your refund or owed amount to the ATO.

For example:

1. Your business charges $100 for your goods or services

2. Your customer will be charged $110 (the extra $10 is the GST that needs to be paid to the ATO) 

3 Your business then purchases supplies with a 10% GST, which you are eligible to claim this amount back from the ATO as a credit.

GST reporting cycles

GST reporting cycles vary based on your business's turnover:

1. Quarterly: If your GST turnover is less than $20 million and you're not mandated to report monthly. Quarterly lodgments are due on specific dates:
2. Quarter 1 (1 July to 30 September): due by 28 October.
3. Quarter 2 (1 October to 31 December): due by 28 February of the following year.
4. Quarter 3 (1 January to 31 March): due by 28 April.
5. Quarter 4 (1 April to 30 June): due by 28 July.
6. Monthly: If your GST turnover exceeds $20 million or you opt for monthly reporting, monthly returns are due on the 21st of the month following the taxable period. For example, April’s BAS is due on 21st of May.
7. Annually: For voluntary GST registration with a turnover under $75,000 ($150,000 for non-profits), annual reporting aligns with your tax return due date. If no tax return is necessary, BAS is due on 28 February following the annual tax period.

Who has to lodge a BAS statement online?

Online lodgement of a BAS statement is mandatory for certain entities registered for GST, such as:

1. Your business's GST turnover (gross income minus GST) exceeds $75,000 per financial year.
2. You’re a non-profit organisation with GST turnover exceeding $150,000 annually.
3. You’re a taxi driver or ride-sharing driver, who is obligated to register for GST regardless of your turnover.

Lodging and paying your BAS

Electronic lodgement is the preferred method for its speed, ease, and security. Many businesses manage their BAS submissions online. Additionally, registered tax or BAS agents can assist with lodgement if needed.

• Lodging BAS via your BAS or Tax agent:

When opting for outsourced BAS services, engaging a registered tax agent or BAS agent is essential. These professionals handle your tax matters, including lodging your BAS on your behalf. Additionally, they can facilitate payments for your business using designated electronic channels.

If you decide on this approach, ensure that you can access all your statements via your business's MyGov Inbox. Moreover, confirm continued access to your business activity statement through either the business portal or MyGov. 

• Lodging your BAS online

1. Online Services (specific) for sole traders and individuals - Accessible via MyGov, this platform offers a seamless way to manage taxes and superannuation from a single location.
2. The Business Portal - A secure ATO portal designed for easy management of all your business tax affairs online.
3. SRB-Enabled software - This specialised software facilitates easy and secure BAS lodgment directly from your payroll, accounting, or financial software.
   

How to do a BAS statement

Completing your BAS involves three key steps:

1. Prepare Your Information: Begin by reconciling your accounts to ensure accuracy and completeness. Gather business transactions like receipts and invoices, cross-referencing them with your accounting records to resolve any discrepancies.
2. Calculate Your Totals: With accurate information at hand, calculate your totals. This can be done using accounting software reports or manually tallying your numbers. Once calculated, transfer these figures to your BAS form.
3. Lodge and Update: You have three options for lodging your BAS:

• Mail a hard copy of your BAS form to the ATO.
• Lodge your BAS statement online via the ATO's Business Portal.
• Engage a BAS or Tax agent to lodge on your behalf.

Regardless of the method chosen, ensure to retain a copy of your BAS statement and update your accounting records with the lodged figures for future reference.

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