A Business Activity Statement (BAS) is a tax reporting obligation for businesses issued by the Australian Taxation Office (ATO). It helps you report and pay your goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax, and other taxes.
There are strict due dates for the lodgment of your BAS, and penalties apply if you are late to lodge.
Registered businesses might be required to lodge their BAS either every month, every quarter, or every year.
The BAS lodgment cycle is determined by the ATO, and all BAS lodgments must be accurate on time or you will face penalties – which is why it’s beneficial to have an expert like Carbon to manage your BAS lodgments.
- Monthly is for businesses with GST turnover of over $20 million.
- Quarterly is if your GST turnover is less than $20 million.
- Annually is if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies).
The benefits you’ll enjoy fromworking with us
- Avoiding penalties from the ATO for late lodgment.
- Accurate preparation and lodgment of your BAS.
- More time to focus on other tasks.
- Reduced stress from trying to manage your BAS on your own.
Frequently Asked Questions
The ATO determines your BAS lodgment cycle, and it’s important you meet the deadlines, or you will face penalties.
- If your business has a GST turnover of over $20 million, you will need to lodge your BAS monthly.
- If your GST turnover is less than $20 million, then your BAS lodgments will be quarterly.
If you do your own BAS lodgments, then they are due to the ATO on the 28th of the month following the end of the accounting period. If you use a tax agent like Carbon, the lodgment date is two months after the end of the accounting period.
You are probably aware that it’s compulsory to lodge your BAS at least quarterly, but maybe you have some overdue. Perhaps you were too busy, the forms were too complicated, or there was an unforeseen circumstance that stopped you from lodging your BAS with the ATO. Don’t worry, it’s very common and with the right help the problem can be fixed easily. Whatever the reason you fell behind, you need to get up to date and doing so will help you get a better night’s sleep.
The easiest way to get back on track is to get in touch with Carbon Bookkeeping & CFO Services, registered BAS Agents. We’ve dealt with all different types of situations, and can guarantee we’ve seen, and fixed, a lot worse.
Find out how easy Carbon can help you with your BAS lodgments.
Gelo Case Study
Gelo is a production company that ‘brings the funny’ through entertainment bookings, workshops, shows and community projects across WA. Gelo’s previous accountant was hard to reach and went MIA after not submitting Gelo’s BAS on time. Gelo wanted to make sure they didn’t get on the wrong side of the ATO so they reached out to Carbon.
Carbon stepped up and took over Gelo’s BAS lodgments and provide bookkeeping support with their entry. Since working with Carbon, Gelo has had less stress and no concerns about their BAS lodgments.
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To find out more about how Carbon can help you with your BAS lodgments, simply fill in the form below.
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Carbon Group are an amazing company and they certainly know what they're doing. Great staff, friendly and prompt service. I will recommend them to anyone!
Carbon Group has helped reduced our bookkeeping and accounting costs by 50%