What Is a BAS Statement?
BAS statements are important for every Australian business, but many business owners find themselves driven into a state of anxiety when its time to complete them, especially if they havent set enough money aside to make a payment. Find out more with our definitive guide. BAS stands for Business Activity Statement. If youre registered for GST (Goods and Services Tax), youll need to lodge a BAS statement on a monthly, quarterly, or annual basis. BAS statements allow you to let the government know how much money youve collected and how much youve paid out. It covers a wide range of payments, including GST, pay as you go (PAYG) income tax instalment, fringe tax benefits (FBT), fuel tax credits, PAYG tax withheld, wine equalisation tax (WET), luxury car tax (LCT), and so on. Lodging a BAS statement  There are a couple of different ways to lodge a BAS statement:  Lodging online  If you choose to complete your BAS statement form online, you can do so via the ATOs Business Portal, your myGov account (if youre a sole trader), or through SBR-enabled financial, accounting, or payroll software. Lodging by mail  Its also possible to lodge by mailing your completed BAS statement form with the pre-addressed envelope included in your BAS package. Lodging through a tax or BAS agent  If youve got a registered BAS or tax agent, they can lodge or pay on your behalf. Nothing to report (nil BAS)  If you dont have anything to report for the period, you can lodge your BAS as nil over the phone or online. How to do a BAS statement  After youve decided how to lodge your BAS statement, its time to complete the form. Its relatively simple:  Prepare your information  First, you should make sure youve got all the information you need to proceed. Double-check that youve included all your transactions, sales and expenses match up with the dates of your reporting period, and everything youre including is a business expense. Prepare your BAS statement form  Next, youll need to complete your BAS statement using your chosen lodgement method. Be sure to enter whole dollar amounts (no cents), only complete the fields that apply to you, and enter each invoice only once. Lodge your BAS statement on time  Then, you need to lodge and pay your BAS statement, making sure to do so before the BAS statement due date. Your BAS statement due dates will be displayed on your BAS statement. BAS statement dates are determined by your businesss reporting and payment cycle:  Quarterly  If your companys GST turnover is below $20 million, youll need to report quarterly. The BAS statement due dates for each quarter are as follows:  Quarter 1: July, August, September  28 October  Quarter 2: October, November, December  28 February  Quarter 3: January, February, March  28 April  Quarter 4: April, May, June  28 July  Monthly  If your companys GST turnover is $20 million plus, youll need to report monthly. The BAS statement due date for monthly reporting is the 21st day of the month at the end of the taxable period. For example, the BAS statement date for January would be 21 February. Annually  If youre voluntarily registered for GST and your GST turnover is less than $75,000 (or $150,000 for non-profit organisations), youll need to report annually. The BAS statement date for annual reporting is 31 October. How to pay your BAS statement  There are several options for paying your BAS statement, although in most cases, businesses choose to pay with BPAY, credit card, or debit card. Furthermore, you can make voluntary early payments to reduce the amount you need to pay for your next BAS statement. So, if youve had a particularly good financial quarter, it could be a good idea to get a head start on next quarters BAS payment. We can help  GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.