The next quarterly due date to lodge your Business Activity Statements (BAS) is on July 28, 2024.
Here are some comprehensive tips for Australian businesses when lodging your BAS.
1. Organise Your Records
Ensure all business invoices and receipts are categorised and reconciled. Using accounting software like Xero or MYOB can help automate this process by connecting directly to your business bank account.
2. Double-Check Transactions
Review your transactions to ensure there are no missing receipts or invoices. Record any missing transactions including the date, amount, GST, and description.
3. Accurate Reporting
Ensure all reported amounts are accurate and correctly classified. Any errors should be rectified promptly, either by adjusting them in the next BAS or amending the original BAS depending on the type of error.
4. Lodge on Time
Ensure you lodge your BAS by the due date to avoid penalties. For the quarter ending June 2024, the due date is 28 July 2024. If the due date falls on a weekend or public holiday, you have until the next business day to lodge and pay.
5. Seek Professional Advice
If you’re unsure about any aspect of your BAS, consult a professional accountant or tax advisor. They can provide tailored advice and help ensure your BAS is lodged accurately and on time.
6. Future Preparations
To simplify future BAS lodgements, keep accurate and up-to-date records continuously. This includes sorting your accounts according to their relevant BAS categories and adding receipts and invoices to your accounting system as soon as you receive them.
7. Understand BAS Due Dates
Familiarise yourself with the BAS due dates to avoid penalties. The due dates vary based on your GST reporting and payment cycle:
- Quarterly Reporting: If your GST turnover is less than $20 million and you aren’t told to report GST monthly, you must lodge and pay quarterly.
- Monthly Reporting: Businesses with a GST turnover of $20 million or more, you must report and pay GST monthly. This is due on the 21st day of every month.
- Annual Reporting: Voluntarily registered businesses with a GST turnover under $75,000 ($150,000 for not-for-profit bodies) must lodge and pay their annual GST return by 31 October.
If you use a registered tax or BAS agent, different dates may apply.
For more detailed information, you can visit the ATO’s official page on due dates for lodging and paying your BAS.
