BAS Preparation and Lodgement
If your business is registered for Goods and Services Tax (GST), you are required to lodge a monthly, quarterly or annual business activity statement (BAS). If your business is required to complete the business activity statement, you can expect the ATO to send it to you when the time comes to complete it.
BAS provides one statement for most taxes and enables the offset of a variety of taxes in a period. BAS can be utilized for reporting and paying for your:
- Goods and Services Tax
- Pay-as-you-go instalments
- Pay-as-you-go withholding tax
- Fuel tax credits
If you are confused about what you need to do on your part to accurately complete BAS, don’t hesitate to turn to LLB Accountants and Auditors. Our team has been helping clients from different industries to complete BAS preparation and lodgement, which makes us familiar with the ATO’s specific requirements. We will make sure the BAS preparation process is conducted accurately, and will in that way take a large burden off your back.
Why choose LLB Accountant and Auditors
Though you may have accounting software to help you organize the information for BAS preparation when such a matter is handled by a non-professional, mistakes or amendments happen on the reports generated. BAS preparation and lodgement can be difficult, time-consuming and stressful when you do it on your own, without any professional input whatsoever – and that is why it is best to find an accountant in Sydney who will do all the heavy lifting for you.
LLB Accountants has over 8 years of experience in BAS preparation, as well as other accounting and bookkeeping-related services. Since the establishment in 2010, we have helped a variety of businesses of all sizes handle their monthly and quarterly BASes in an effort to maintain and grow their business. We simplify otherwise complicated processes and give you the boost you needed to facilitate your business success and gain a competitive edge.
Choose Lin, Leo and Beak
Engage us as your trusted accountants and let our team worry about your regular BAS preparation and lodgement so you can focus on other important aspects of your business. Call us on the phone or send a quick enquiry by filling out the online form to learn more about the scope and price of our services.
What is BAS?
A Business Activity Statement (BAS) is a statement business owners use to report and pay for GST, PAYG instalments, PAYG withholding tax and fuel tax credits. If you are required to lodge, the Australian Taxation Office (ATO) will automatically issue you a BAS when it is time to lodge.
Who needs to lodge a BAS?
Only businesses who are registered for GST must lodge a business activity statement (BAS). When businesses make at least $75,000 in annual turnover, they must be registered for GST.
How often do I need to lodge a BAS statement?
How often you need to lodge a BAS depends on your turnover and whether or not you’ve voluntarily registered for GST.
You will need to lodge:
Annually: if you’ve voluntarily registered for GST and your turnover is under $75,000 or $150,000 for not-for-profit organisations
Quarterly: GST turnovers under $20 million
Monthly: GST turnovers of $20 million or more
When is BAS due?
Your BAS due date for lodgement and payment is dependent on how often you have to lodge. If you lodge with our BAS agents, you will be able to get an extension on the due dates.
Quarterly BAS Due Dates
If your GST turnover is under $20 million you must lodge quarterly. Please see the table below for quarterly BAS due dates.
|Quarter||Due Date||LLB Due Date|
|1. July, August and September||28 October||28 November|
|2. October, November and December||28 February||28 March|
|3. January, February and March||28 April||28 May|
|4. April, May and June||28 July||28 August|
Monthly BAS Due Dates
If your GST turnover is $20 million or more, you are required to lodge a BAS monthly. Business owners must lodge and pay for BAS by the 21st of the next month. For example, your January monthly BAS will be due on the 21st of February.
Annual BAS Due Dates
If you’ve voluntarily registered for GST and your turnover is under $75,000 OR you are a not-for-profit organisation and you make under a turnover of $150,000, then you only need to lodge and pay a BAS once a year. Annual BAS are due on the 31st of October however if you are not required to lodge then the due date is the 28th of February.
Can LLB Accountants lodge my BAS?
Our bookkeepers can help you prepare and lodge your BAS hassle free. The advantages of hiring our bookkeepers is that we will ensure your books are up to date and any eligible GST deductions are claimed. We will make sure all the data is correct and lodged on time to avoid any penalties. By outsourcing your bookkeeping, you can spend less time on doing bookkeeping yourself and focus more on your business.