By law, all businesses should return their Business Activity Statements (BAS) to the ATO at least once per year.
This involves lodging your BAS return – either monthly, quarterly or yearly – in order to report your GST and PAYG instalments, PAYG withholding taxes and other tax commitments.
When lodging your BAS there are strict due dates applicable, and any tardiness can lead to hefty penalties.
The ATO declares the due date of BAS tax return lodgment for each period either on the printed form, or electronically.
As a registered tax consultant, Tax Return Perth has a team of BAS experts on hand to assist you with your BAS tax returns, and also to help you avoid any penalties from the ATO.
Every registered business with a turnover of more than $75,000 per annum must lodge a BAS return at least annually.
Once registered for BAS, a business must also continue to lodge their BAS; even if their turnover drops below $75,000.
Thus, a business is not automatically exempt from lodging a BAS return, even if their turnover does drop below the required criteria.
Indeed, a business may even need to cancel its registration to stop lodging its BAS; should they close or be sold.
As soon as a business registers for GST, a BAS is issued by the ATO as the official statement for the GST amounts.
The ATO’s preferred method for a BAS return is online lodgment.
Businesses are generally required to lodge their BAS returns either monthly or quarterly each year.
When lodging a monthly return, the BAS due dates generally fall 21 days after the last day of the month.
To lodge your BAS statement online, you should go to the ATO website or, even better, get in touch with an expert tax agent at Tax Return Perth.
Completing your BAS return involves a number of reconciliations – and it can be complex and time consuming.
Should you be struggling with BAS procedures and unable to understand the processes required, you should always consult a tax return consultant, who can guide you through the whole process.
At Tax Return Perth, our BAS Agent Perth can answer all of your BAS questions, whether they be about tax return lodgment, BAS registration or deregistration, or any related queries.
At Tax Return Perth we are the best in the industry and you also get your first consult for free: so don’t hesitate and contact us today.