How Often Do You Do a BAS Statement?

Understanding the Basics of a BAS Statement

A Business Activity Statement (BAS) is a report that businesses in Australia use to report and pay their taxes to the Australian Taxation Office (ATO). It includes information on various tax obligations, such as Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, and other taxes and duties. But how often do businesses need to prepare and lodge their BAS statements? Let’s explore the frequency of BAS lodgements and the factors that determine how often you need to do them.

1. Quarterly BAS Lodgements

For most businesses, the standard frequency for lodging a BAS statement is quarterly. This means that you will need to prepare and lodge your BAS every three months. The due dates for lodging quarterly BAS statements are as follows:

• Quarter 1 (July to September): Due by the 28th of October
• Quarter 2 (October to December): Due by the 28th of February
• Quarter 3 (January to March): Due by the 28th of April
• Quarter 4 (April to June): Due by the 28th of July

It’s important to note that these dates may vary slightly depending on weekends and public holidays. If the due date falls on a weekend or public holiday, the deadline may be extended to the next business day.

2. Monthly BAS Lodgements

While most businesses lodge their BAS on a quarterly basis, some businesses may be required to lodge their statements monthly. The ATO determines the frequency based on various factors, including the size of the business, turnover, and industry type.

If your business has an annual turnover of $20 million or more, you will generally be required to lodge your BAS monthly. However, it’s essential to check with the ATO or your accountant to determine the specific requirements for your business.

3. Annual BAS Lodgements

There are certain circumstances in which businesses may be eligible to lodge their BAS statements annually. This applies to businesses with an annual turnover of less than $75,000 and specific nonprofit organizations. These businesses are eligible to report and pay their taxes on an annual basis rather than quarterly or monthly.

It’s important to note that even if you lodge your BAS annually, you may still need to make quarterly or monthly PAYG installments throughout the year. These installments are used to pay your income tax and are calculated based on your estimated tax liability.

4. Other Factors Influencing BAS Frequency

While the standard frequency for BAS lodgements is quarterly for most businesses, there are certain factors that can influence the frequency of your BAS statements:

• GST Registration: If your business is not registered for GST, you won’t have to lodge a BAS. GST-registered businesses, however, need to report GST amounts on their BAS statements.
• Business Structure: The type of business structure you have, such as sole trader, partnership, company, or trust, can affect the frequency of your BAS lodgements.
• ATO Requirements: The ATO may require certain businesses to lodge their BAS statements more frequently based on their industry or specific circumstances. It’s crucial to stay updated with the ATO’s guidelines and requirements. For CBD tax business statement see here.

Final Thoughts

Understanding the frequency of BAS lodgements is crucial for businesses in Australia to meet their tax obligations. While most businesses lodge their BAS on a quarterly basis, some may need to lodge them monthly or even annually. The specific frequency depends on factors such as turnover, GST registration, business structure, and ATO requirements.

To ensure compliance with the ATO’s guidelines, it’s recommended to consult with a professional accountant or tax advisor who can provide tailored advice based on your business’s circumstances. Keeping accurate records and staying informed about your BAS obligations will help you meet your tax responsibilities efficiently and avoid any penalties or fines.

Remember, timely and accurate BAS lodgements contribute to the smooth operation and financial health of your business, so stay organized and informed to fulfill your tax obligations effectively.