Having to lodge a BAS (business activity statement) is something that most business’ need to do. However the lodgement frequency could be monthly, quarterly or annually. How often you are required to lodge depends on the size of your business. Many businesses have a choice how they would like to lodge, however for some larger organisations there is no choice!
If your GST turnover is less than $20 million and the ATO (Australian Taxation Office) have not told you to report monthly, then you can report and pay GST quarterly.
The general frequency for a BAS submission is
- PAYG and FBT instalments are both quarterly
- GST is quarterly if annual turnover is less than $20 million, or monthly if more than $20 million
- PAYG is quarterly if obligation is less than $25,000, or monthly if obligation is more than $25,001.
Smaller businesses have three options for reporting
- Calculate and report GST quarterly – you can use either the accounts method of the calculation worksheet method to work out your GST amounts
- Calculate GST quarterly and report annually – this option allows you to report less information on your quarterly activity statement, but still calculate and pay your actual GST amount quarterly.
- Pay GST instalment quarterly and report annually – this option you elect to pay a quarterly GST instalment that the ATO will work out for you and report your actual GST information annually on an annual GST return.
The following table provides a summary and lodgement dates for business that report and pay GST quarterly.
|September Quarter||28 October|
|December Quarter||28 February|
|March Quarter||28 April|
|June Quarter||28 July|
Lodging your BAS correctly and on time can be a difficult and confusing process. You can avoid risks and stress simply by being confident that your ATO tax liabilities and obligations are sorted and your BAS lodgement is correct.
It is not surprising that peace of mind for many business owners comes with appointing an experienced agent to look after their BAS services for them.
At Proactive Accounting and Financial services we offer a wide range of BAS services and lodgement options to suit all small, medium and large business so that you have more time to do what you do best – running your business!
If you are unsure what your business needs, please contact us for a confidential discussion on your business and your obligations!
Phone: 07 5539 4143
Fax: 07 5677 0614