If you have business and also registered for GST, You need to lodged a Business activity statement.
Your BAS will report ATO and help to pay.
If you have a business registered for GST you need to lodge a business activity statement (BAS).
Your BAS will help you report and pay your:
- goods and services tax (GST)
- pay as you go (PAYG) instalments
- PAYG withholding tax
- other taxes.
For registration of GST, you need Australian business number (ABN) n you register for an Australian business number (ABN) and once you register with GST, ATO will automatically send you a BAS when it is time to lodgement.
How to lodge your BAS
Tax payers have a lot of options to lodge your BAS and register your GST through ATO.
Most businesses prefer to lodged their BAS through online rather than other options. If you missed or not lodged on time. The penalty may apply on due lodgement through ATO.Even if you are not able to pay, You need to lodge on time to avoid penalty.
Due dates for lodging and paying your BAS
If you lodged your GST, the due date for lodging and payment due is available in your business activity statement (BAS).
In some cases the due date is the weekend or the day of public holiday, you can lodge by the next business day to do the lodgement.
Your GST reporting and payment cycle is listed below and you can do any either:
- Quarterly – If your company GST turnover is $20 million or less- no need to do a report monthly.
- Monthly – if your company or other GST turnover is $20 million or more.
- Annually – if you are voluntarily registered for GST and your GST turnover is below $75,000 and $150,000 for not-for-profit bodies
- A registered tax or BAS agent can help you lodge your activity statements.
You can put reminder for lodgement or our tax advisor team will help to remind you to do lodgement for GSt return. Also, you can set reminder through ATO app.
In some cases like if some event happened like natural disaster, Tax payers may have different due date.See also: