BAS Frequently Asked Questions
The due date for lodging and paying is displayed on your BAS (business activity statement) .
If the due date is on a weekend or public holiday, you have until the next business day to lodge and pay.
Your GST reporting and payment cycle will be one of the following.
- Quarterly – if your GST turnover is less than $20 million – and we have not told you that you must report monthly.
- Monthly – if your GST turnover is $20 million or more.
- Annually – if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies).
A registered tax or BAS agent like Bizwize can help you lodge your activity statements.
GST is a Goods and Services Tax – It is the 10% you add to your invoices and charge your customers.
BAS is a Business Activity Statement – the return you lodge with the Australian Tax Office to report on the amount of GST you have charged and paid.\
If you are registered for GST then you must charge GST and you must report the GST you have collected to the ATO.
BAS due for Quarter 1 (July, August and September) – BAS lodgements are due on the 28th of October.
BAS due for Quarter 2 (October, November and December) – BAS lodgements are due on the 28th February.
BAS due for Quarter 3 (January, February and March) – BAS lodgements are due on the 28th of April.
BAS due for Quarter 4 (April, May and June) – BAS lodgements are due on the 28th of July.
What is a BAS Agent?
Anyone providing BAS services for a fee, must be registered with the Tax Practitioners Board. Once a BAS Agent is registered, they are able to perform BAS services such as working out or advising businesses regarding liabilities, obligations and entitlements.
Why use a registered BAS Agent?
Using a registered BAS Agent provides you with:
• consumer protection through professional indemnity insurance
• extended tax and BAS lodgement due dates
• experienced and qualified agents who comply with a professional code of conduct.
To check if an agent is registered, just enter their details in the TPB Register or look for the registered practitioner symbol.
Think of it this way. You may not be qualified or have experience as a hairdresser, but you can purchase a pair of scissors and you can operate them. Over time you may learn the tricks of the trade, and you may even become good at cutting hair. But along the way you’ll probably suffer through some very sad haircuts and you may end up at a salon paying exorbitant prices for a fix-up. Occasionally it might take months (or years) to recover from a botched haircut. Bookkeeping is the same. There are many things you need to know and a range of experience you need to have in order to be a good bookkeeper. You also need to keep up to date with changes in payroll, tax, GST, PAYG and other ATO legislation.