Stay on Top of Your BAS Lodgement
As the October–December Business Activity Statement (BAS) deadline approaches, the Australian Taxation Office (ATO) has released important guidance to help businesses ensure accurate and timely lodgment. Staying on top of your activity statement is crucial to maintaining compliance and avoiding unnecessary penalties. Here’s what you need to know to streamline the process and get it right the first time.
Key Business activity statement lodgement tips
1. Enter figures correctly
Ensure that you input all amounts in the correct labels on your activity statement. Only complete the sections that apply to your business and double-check figures to prevent costly errors.
2. Use whole dollar amounts
When entering amounts, report in whole dollars—leave out cents and do not round up to the nearest dollar. This small detail can make a big difference in accuracy.
3. Lodge a nil BAS when necessary
If your business has nothing to report for the quarter, you still need to lodge a nil BAS. You can do this online by selecting ‘Prepare’ and then ‘Prepare as nil’. Alternatively, use the ATO’s automated phone service, which is available 24/7.
4. Correct past mistakes on your current BAS
Instead of lodging a revision for previous errors, you can adjust certain mistakes on your current BAS:
- Label 1A: Adjust GST on sales
- Label 1B: Adjust GST on purchases
- Label 7C: Adjust fuel tax credits for fuel that has been sold, lost, or disposed of.
This method simplifies corrections and saves time
5. Adjust your instalments if needed
If your financial situation has changed, you may be able to vary your PAYG instalment amount. Use the current BAS to update instalments accordingly.
6. Understand lodgement deadlines
Businesses get eight weeks to lodge each quarterly BAS, and no additional time will be granted beyond this standard period. However, if you lodge your next BAS online or through a registered tax or BAS agent, you may receive an extra two to four weeks to lodge and pay.
7. Switch to online statements
If you’re still receiving paper statements, consider updating your ATO communication preferences to go digital. Online statements are typically available one week after being generated, whereas paper statements can take up to three weeks to arrive by post.
ATO’s additional BAS and GST tips
The ATO has also provided further insights to help businesses meet their BAS obligations smoothly:
- Keep accurate records: Ensure all transactions, receipts, and invoices are well-documented to support the figures reported in your activity statement.
- Use accounting software: Cloud-based accounting solutions can help automate calculations and reduce errors.
- Claim GST credits correctly: Only claim GST credits for purchases related to your business, ensuring they comply with GST rules.
- Understand your reporting obligations: Whether you report GST monthly, quarterly, or annually, ensure you know your due dates and requirements.
Why staying on top of BAS matters
Timely and accurate lodgment ensures your business remains compliant, avoids penalties, and maintains a strong financial standing. Using cloud-based accounting software, working with a professional accountant, or seeking advice from a registered tax agent can help simplify the process.
At MaxGrowth, we specialise in activity statement preparation, tax compliance, and business advisory services. Our expert team can help you streamline your reporting, minimise errors, and take the stress out of tax time.
Reach out to MaxGrowth on 02 9267 4468 or [email protected] for professional accounting and tax solutions designed to help your business thrive
Disclaimer: The following article provides general information and should not be considered as professional financial or legal advice. For specific advice regarding your business, consult with a qualified professional
