The frequency at which you need to lodge a Business Activity Statement (BAS) in Australia depends on your business's reporting requirements and GST turnover.
Generally, businesses can lodge their BAS monthly, quarterly, or annually. Monthly lodgement is typically required for businesses with a GST turnover of $20 million or more. Quarterly reporting is the most common and is for businesses with a GST turnover of less than $20 million, provided the Australian Taxation Office (ATO) hasn't instructed otherwise. Small businesses with a GST turnover below $75,000 ($150,000 for not-for-profit organizations) may be eligible to report annually, especially if they are voluntarily registered for GST.
It's important to note that specific dates are set for the lodgement and payment of your BAS. For instance, quarterly lodgements are generally due on the 28th day of the month following the end of the quarter, with an extension to the next business day if the due date falls on a weekend or public holiday. However, for the December quarter, the due date is extended to late February.
If you lodge monthly, the due date is usually the 21st day of the following month. The ATO provides a schedule of due dates and may issue your BAS approximately two weeks before the end of the reporting period. It's crucial to adhere to these deadlines to avoid penalties for late lodgement.
If you're unsure about your reporting cycle or need assistance, it's advisable to consult with a registered tax or BAS agent or directly contact the ATO for guidance tailored to your specific circumstances. Remember, staying on top of your BAS lodgement schedule is key to managing your business's tax obligations effectively.
It is advisable to consult with a financial advisor or simply contact Namecorp’s Support and Compliance Team either by phone on 1300 006 263 or via email at support@namecorp.com.au and they will assist or provide further clarification for you over the phone.