Expert Tips for Managing Your Business Activity Statement (BAS) Lodgments

At BAAS Bookkeeping, we pride ourselves on being proactive advisors, guiding clients through the complexities of bookkeeping and accounts management. While our services are available locally, we also support businesses across Australia. This week, our focus is on helping businesses with their Business Activity Statement (BAS) lodgements—a critical component of financial compliance.

Understanding BAS Lodgements

A Business Activity Statement (BAS) is an essential document that most businesses must lodge quarterly or monthly, depending on their reporting obligations. For those handling their own BAS lodgements quarterly, it’s crucial to remember that both the lodgement and payment deadline fall 28 days after the end of each quarter. Key dates include:

  • 28 July
  • 28 October
  • 28 January
  • 28 April

Payments to the ATO can take 2-3 working days to appear on your Integrated Client Account, so we recommend setting up payments at least 4-5 working days before the deadline to avoid any late fees or penalties.

Benefits of Using a Registered BAS Agent

If you’re working with a registered BAS Agent, such as our team, the ATO provides an additional 28 days for both lodgement and payment, allowing more breathing room:

  • 25 August
  • 25 November
  • 25 February
  • 26 May

Your BAS typically includes your net GST owed (GST collected minus GST credits on purchases). Most businesses will also report their PAYG liabilities, including taxes withheld from employees’ wages during the period. Additionally, some businesses may report Fuel Tax Credits through their BAS.

Superannuation Payments: Separate from Your BAS

It’s important to note that your Superannuation Liability is not included in the BAS and has separate due dates, generally around the same time. Keeping these obligations distinct helps avoid confusion and ensures your business remains compliant.

Case Study: Bringing a Client Back from the Brink

Recently, we assisted a client who had fallen 12 months behind on their BAS lodgements. Despite receiving multiple reminder letters from the ATO, they had ignored them and accrued fines of over $3,000 for non-lodgement. Our immediate action plan was to bring them up to date, ensure all outstanding payments to the ATO were made, and, as their BAS Agent, approach the ATO to request a refund of the fines.

When the ATO sees a business making efforts to rectify past mistakes, they are often willing to waive fines and interest penalties, helping businesses get back on track without the burden of additional financial stress.

Helping Businesses with Monthly BAS Reporting

The ATO has been transitioning many businesses from quarterly to monthly BAS reporting. If you know a business that has recently had its reporting frequency changed, they may now require more support in managing their BAS lodgements.

Let Us Help You Stay Compliant

Don’t let BAS deadlines and ATO obligations overwhelm you. At BAAS Bookkeeping, we’re here to support your business with expert advice, proactive strategies, and the peace of mind that comes from knowing your financial obligations are under control. Contact us today to discuss how we can help manage your BAS lodgements, avoid costly fines, and keep your business running smoothly.

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