Business Activity Statements

Pembertown offer a complete service to assist you with the Preparation and Electronic Lodgement of Business Activity Statements. Our professional and expert team will ensure that you meet your reporting obligations accurately and on time – contact our office on 1800 803 017 for more assistance!

The business activity statement (BAS) is a tax reporting requirement for businesses on either an annual, monthly or quarterly basis dependent on your business circumstances

  • If your GST turnover is $20 million or more, you must report and pay GST monthly.
  • If your GST turnover is less than $20 million – and the ATO have not told you that you must report monthly – you can report and pay GST quarterly.
  • If your business or enterprise has a GST turnover (gross income minus GST) of $75 000 or less but you are voluntarily registered for GST and you have not made an election to pay GST by instalments, you can choose to report and pay and claim GST credits annually.

When you register for an Australian business number (ABN) and GST, you will automatically have reporting requirements for some or all of the items that are reported in a business activity statement include

  • Goods and services tax (GST)
  • Pay as you go (PAYG) income tax instalment
  • Pay as you go (PAYG) tax withheld
  • Fringe benefits tax (FBT) instalment
  • Luxury car tax (LCT)
  • Wine equalisation tax (WET)
  • Fuel tax credits

Due Dates For Lodging And Paying Your BAS

The due date for lodging and paying is displayed on your business activity statement (BAS). If the due date is on a weekend or public holiday, you can lodge your form and pay on the next business day.

Quarterly reporting

Quarter Due date
1 – July, August and September 28 October
2 – October, November and December 28 February
3 – January, February and March 28 April
4 – April, May and June 28 July

 

Monthly reporting

The due date for your monthly BAS is usually on the 21st day of the following month. If the due date is on a weekend or public holiday, you can lodge your form and make any payment due on the next business day.

Annual reporting

The date for lodgment of your annual GST return and payment of any amounts is either:

  • the date for lodgment of your income tax return
  • 28 February following the annual tax period, if you are not required to lodge an income tax return.

Record keeping

You must keep a copy of your business activity statement (BAS), along with the records you used to prepare it, until the latest of:

  • Five years after the transaction was completed
  • Four years after you lodged your BAS
  • If your assessment has been amended, four years after the date you received the notice of amended assessment.

All records should be in writing and in English. Information stored electronically must be in a form that is readily accessible. To assist you and give you peace of mind, Pembertown Accounting electronically store copies of all of the information used to prepare and lodge your BAS.

Contact us on 1800 80 30 17 or email reception@pembertown.com for more information.

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