The business activity statement (BAS) is a pre-printed document issued by the Australian Taxation Office (ATO) on either a monthly or quarterly basis. It’s used to summarise the amounts of GST payable and receivable by you for a certain period, as well as a range of other taxes including pay as you go (PAYG) withholding tax and Australian business number (ABN) withholding tax. Its aim is to allow a business to report and pay a number of tax obligations in one transaction.
When the GST system was introduced businesses that earned more than $50,000 a year had to register for the new system, while other businesses with income of less than this could choose to register. This income registration level was increased to $75,000 a year some years ago. Once a business is registered for the GST system their obligations for reporting continue as long as they remain registered.
All business owners who are registered for GST must lodge a BAS for each period, whether monthly or quarterly. The following are important dates you need to know in relation to the lodgement and payment of your BAS:
- Monthly: The 21st day of every month for the period just gone.
- Quarterly: The 28th of October, February, April, and July. (In the case of a lodgement/payment falling due on a weekend or public holiday, it is due by the next business day).
- Annually (pertaining to GST return): Is sent out after the fourth quarter BAS, and needs to be lodged by either 28 February, or before your yearly income tax return is due, whichever comes first.
The 2nd Quarter Business Activity Statement (BAS) for Oct, Nov & Dec 2016 period is due by the 28th February 2017.
Contact John Jacob Tax Accountants on 03 8339 4150 or email [email protected] to make an appointment today.