Never Miss a BAS Due Date Again - Quarterly Deadlines for Business Owners



If you're a business owner in Australia, it's essential to know when your Business Activity Statement (BAS) is due. BAS reporting and payment are typically required on a quarterly basis, and missing a deadline can result in fines and penalties. But don't worry! With this comprehensive guide, you'll never miss a BAS due date again. Keep reading to learn more about the quarterly deadlines for BAS payments.

What is a BAS?

A Business Activity Statement (BAS) is a document that businesses in Australia use to report their tax obligations to the Australian Taxation Office (ATO). It includes information on Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, and other taxes. The BAS allows businesses to report and pay all of these tax obligations in one place, making it an essential part of running a business in Australia.

When are the quarterly BAS due dates?

As a business owner, it’s important to stay on top of your BAS due dates to avoid any late payment penalties or interest charges. The BAS reporting period is usually quarterly and the due date for lodgement and payment is generally on or before the 28th day of the second month after the end of each quarter. For example, if the quarterly period ends on March 31, the BAS is due on May 28. The other quarters follow a similar pattern: June 30 quarter is due on August 28, September 30 quarter is due on November 28, and December 31 quarter is due on February 28. It’s important to mark these dates in your calendar and plan ahead accordingly to ensure you never miss a deadline again.

How do I calculate my BAS payment?

To calculate your BAS payment, you will need to add up the amounts of GST you have collected and subtract any GST credits you are entitled to. This will give you the total amount of GST owed for the reporting period. If your business is registered for PAYG withholding, you will also need to factor in any withheld amounts from your employees' wages. Lastly, include any other taxes or charges that should be reported in your BAS, such as wine equalization tax, luxury car tax or fuel tax credits. Once you have calculated the total amount owing, ensure to pay it on time to avoid late payment penalties or interest charges.

What happens if I miss a BAS due date?

If you miss a BAS due date, you may incur penalties and interest charges from the Australian Taxation Office (ATO). The ATO charges general interest charge (GIC) on any outstanding balances or late payments, which accrues daily until the tax debt is paid off. Additionally, the ATO imposes a failure to lodge (FTL) penalty if you miss your lodgment due date. The FTL penalty starts at $275 for each 28-day period or part thereof that your BAS remains outstanding after the due date, up to a maximum of $1,375 . It's essential to pay your BAS on time and avoid these extra costs.

Tips for staying organized and on top of your BAS obligations.

As a business owner, it's vital to stay organized in order to meet your BAS obligations and avoid any unnecessary penalties or interest charges. Use a tax calendar or planner to keep track of upcoming due dates, and set reminders for yourself well in advance of each deadline. You can also enroll in the ATO's email reminder service, which will notify you of upcoming due dates and any changes in deadlines. Additionally, consider hiring a professional bookkeeper or accountant to help manage your finances and ensure that your BAS is always prepared and lodged on time. By staying organized and proactive, you can avoid the stress of missed deadlines and focus on growing your business instead.

Tax App

Lodging BAS can be a complex and time-consuming process, especially if you are not familiar with the process or don't have experience in preparing financial statements. If you are struggling with lodging your BAS, it's important to seek help from a qualified professional.

Tax App is an online accounting service that can help you with your BAS preparation and lodgment. They have a team of experienced and qualified accountants who specialize in tax compliance and BAS preparation. By working with Tax App, you can save time and reduce stress by delegating your BAS preparation to the experts.

When you work with Tax App, they will review your financial records, calculate your GST liability, prepare your BAS report, and lodge it with the ATO on your behalf. They will also ensure that you are meeting all of your tax obligations and help you avoid any penalties or fines.

Tax App's services are accessible through their online platform, making it easy for you to access their services from anywhere and at any time. Their platform is also secure, ensuring that your financial data is protected.

Contact Tax App today to learn more about how they can help you with your BAS lodgment.