Know About BAS And its Lodgement Process

June 3, 2020    Tax Return Perth

What is BAS?

Every business with a turnover of $75,000 or more is required to register for GST and is required to lodge a business activity statement (BAS) to report its:

goods and services tax (GST)

pay as you go (PAYG) installments

PAYG withholding tax

other taxes.

The BAS due dates are:

The BAS needs to be lodged quarterly or monthly or annually depending on the type and size of business.

Quarterly – if your GST turnover is less than $20 million

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.

The deadlines for every quarter are:

  • Quarter 1 (July-September) BAS is due on 28 October.
  • Quarter 2 (October-December) is due on 28 February.
  • Quarter 3 (January-March) is due on 28 April.
  • Quarter 4 (April-June) is due on 28 July.

The due date to lodge and pay your annual GST return is 31 October. If you aren’t required to lodge a tax return then the due date is 28 February the following year.

Different dates may apply is you use a tax agent like Tax Returns Perth to lodge your BAS returns. To know more about the particular business structure and applicable BAS return benefits, due dates, and lodgements based on the turnover and other factors, consult an expert Tax return consultant at Tax Return Perth and get a solution for all your concerns.

Tips to get your right BAS?

Reconcile your Bank Statements before finalising BAS.

Only claim GST credits if you have valid tax invoices for purchases of $82.50 (including GST) or more

Use the correct GST accounting method i.e. Cash or Accruals.

Keep all your tax invoices and other GST records for five years

Don’t claim GST on private expenses, such as food or entertainment. If an item is for business and personal use, only claim the business portion.

Do not to claim purchases such as bank fees and charges and stamp duty GST-free items, such as basic foods

Consult an experienced Tax Return Perth agent to know more about the appropriateness and correctness of filing a BAS form.

Let’s see the different ways through which you may lodge your BAS return…

Lodging a BAS return can be done in different ways, for instance:

  • Online BAS lodgement
  • Lodging BAS under the guidance of a BAS agent or tax agent
  • Report a ‘nil’ BAS
  • Lodge through email.

Although, there are several available options available to lodge your BAS return, the best way is to lodge with the assistance of a registered tax agent like Tax Return Perth.

How can an agent from Tax Return Perth help you in the lodgement of your BAS:

If you prefer to become the client of Tax Return Perth for your BAS return, our registered tax consultants can help you lodge, vary and pay the taxes on your behalf through a preferred electronic channel required by the ATO.

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