BAS lodgment requires proper documentation and knowledge; this is where registered tax or BAS agents come into play their role. They can help you lodge BAS on time to meet ATO deadlines.
Lodging and paying your BAS
You will have various options for filing your business activity statement (BAS). Filing BAS electronically is easy and quick. Most businesses that file their own BAS prepare and file online. A registered BAS or tax accountant in Melbourne can also help you lodge. You need to pay your BAS in full and on time to avoid extra interest charges.
If you are unable to lodge or pay in full or on time, you need to get in touch with the ATO before the due date. You may get more time to lodge and pay your BAS in the event of a natural disaster.
BAS lodgment through a tax or BAS agent
A registered tax or BAS agent can file, vary, and pay on your behalf through their preferred electronic channel. When you seek help from a BAS agent:
- They can check BAS and reminder messages sent to you through their online services.
- You will be able to access your BAS through Online services for business or myGov, even if your agent is managing them for you.
- You may receive extra time to file and pay.
In this way, you can be sure to lodge your BAS on time, without any delays, to avoid penalties or fines from the ATO. To ensure you have the right information and documents for BAS lodgment, you can choose bookkeeper services in Melbourne.
How does the GST reporting cycle work?
Your GST reporting and payment cycle will fall under one of the following:
- Quarterly: GST reporting will be quarterly if your GST turnover is less than $20 million; you are not told to report monthly.
- Monthly: If your GST turnover is $20 million or above, or you decide to report GST monthly.
- Annually: If you are voluntarily registered for GST, and GST turnover falls under $75,000 ($150,000 for not-for-profit organisations).
Quarterly GST reporting
Have a closer look at the due date for each quarter:
| 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 |
If you file online, you may qualify for an additional 2 weeks to file and pay your quarterly BAS. You may also get more time if you file through a registered tax or BAS agent. A later lodgment and payment due date doesn’t apply for quarter 2 because the due date includes a one-month extension.
Monthly reporting
The due date to file and pay your monthly BAS is the 21st day of the month at the end of the taxable period. For instance, a July monthly BAS is due on 21 August. If your GST turnover is $20 million or above, you are required to lodge and pay GST monthly and lodge your BAS online. If your GST turnover is less than $20 million, you will be able to lodge monthly. Benefits can include:
- More manageable payments, improving cash flow and allowing you to keep your payments on track.
- Better alignment with other business processes, making it easy to keep your records up to date.
The ATO may direct you to choose monthly reporting if you don’t meet your GST obligations. From December 2024, schools and associated organisations must lodge their December BAS by 21 January.
Annual reporting
If you are registered for GST and your turnover is under $75,000 (or $150,000 for not-for-profit bodies), you can report and pay GST annually. The due date to file and pay your annual GST return is 31 October. If you don’t need to file a tax return, then the due date is 28 February following the annual tax period. If you seek help from a registered tax or BAS agent, dates may differ.
Conclusion
Seeking help from a registered tax or BAS agent is recommended to lodge and pay BAS if you are not sure about the BAS lodgment process. To ensure you have the right records and documents when lodging BAS, you can get reliable bookkeeping services.