BAS Due Dates 2024-2025: Everything You Need to Know

As a business owner in Australia, staying on top of your taxes is key to running your business smoothly. One of the biggest parts of that is knowing when your BAS is due. 

In this post, we will break down everything you need to know about BAS due dates for the 2024-2025 financial year so you can lodge on time and avoid penalties. Adhering to due dates for BAS is crucial to avoid penalties and ensure compliance with the Australian Taxation Office (ATO).

What is a BAS?

A Business Activity Statement (BAS) is a regular report to the Australian Taxation Office (ATO) by registered businesses. It includes:

• Goods and Services Tax (GST)
• Pay As You Go (PAYG) instalments
• PAYG withholding tax
• Other taxes such as wine equalisation tax, luxury car tax and fuel tax credits

The purpose of the BAS is to report and pay these taxes to the ATO on time to keep the cash flow going for your business and the government. A registered tax agent can assist with BAS lodgement and ensure compliance with tax obligations.

BAS Reporting Cycles and Due Dates

The frequency of your BAS depends on your business’s annual GST turnover during the annual tax period:

• Quarterly: If your annual GST turnover is less than $20 million, you will lodge your BAS quarterly.
• Monthly: If your annual GST turnover is $20 million or more, you will lodge your BAS monthly.
• Annually: If you are voluntarily registered for GST and your annual GST turnover is less than $75,000 (or $150,000 for non-profit organisations), you may be able to lodge your BAS annually.

For businesses lodging the BAS, the due dates are: 

Quarterly BAS Due Dates 2024-25

Monthly BAS Due Dates 2024-25

How to Lodge and Pay Your BAS

You can lodge your BAS by following these methods:

• Online through the ATO Business Portal, MyGov (sole traders) or Standard Business Reporting (SBR) enabled software
• Through a registered tax or BAS agent (like us)
• By mail, although this is less common and not recommended as it can delay processing
• BPAY
• Credit card (a card payment fee applies)
• Direct debit from a bank account
  
  

Sole traders must pay BAS according to the ATO’s due dates. Timely lodgement is crucial to avoid penalties.

If you lodge online, you may be eligible for a short extension of time to lodge and pay. However, you must lodge your BAS on time even if you can’t pay the full amount to avoid potential penalties.

What Happens if You Lodge or Pay Late?

Lodging your BAS late can result in penalties that add up quickly and put pressure on your business’s cash flow. The ATO may impose a Failure To Lodge (FTL) penalty, which can be calculated based on your business’s annual turnover and the number of days your BAS is overdue.

The payment cycle can vary due to factors such as natural disasters and holidays, which can influence the timing and importance of timely compliance.

To avoid late lodgment penalties:

• Set calendar reminders for BAS due dates
• Keep accurate and up-to-date records
• Consider working with a bookkeeper or BAS agent to ensure timely lodgment
  
  

If you can’t pay your BAS on time, contact the ATO as soon as possible to discuss your options. You may be eligible for a payment plan to help you manage your tax debt over time.

Correcting Errors on Your BAS

Mistakes happen, but you need to fix them quickly to avoid getting problems down the track. There are two ways to correct errors on your BAS:

1. Correcting errors: If you have made a small mistake, such as a transposition error or small omission, you can correct it on your next BAS.
2. Adjusting: For larger errors or omissions, you may need to lodge a revised BAS. You can do this online, through your tax or BAS agent, or by mail.
   
   

If you’re unsure how to correct an error on your BAS, seek advice from a tax professional.

Tips to stay on track and lodge on time

Lodging your BAS is all about being organised and planning. Here are some tips to help you:

• Keep accurate and up-to-date records of your business transactions
• Use accounting software to simplify your bookkeeping and BAS preparation
• Set calendar reminders for BAS due dates
• Use the correct payment reference number when making BAS payments
• Consider working with a bookkeeper or BAS agent to ensure accuracy
• Adjust the reporting and payment cycle to accommodate your business needs better

Key Takeaways

• BAS is a regular report to the ATO of your business’s tax obligations
• BAS frequency is quarterly, monthly or annually, depending on your annual GST turnover
• BAS can be lodged online, through a tax or BAS agent or by mail
• Lodging or paying BAS late can result in penalties
• Errors on your BAS should be corrected quickly either by correcting errors on your next BAS or by making adjustments through a revised BAS
• Being organised, keeping accurate records and getting help when needed will ensure you lodge your BAS on time and accurately.
• A BAS and a tax return serve different purposes: a BAS reports your business’s tax obligations, while a tax return reports your business’s profits and overall tax obligations.

FAQs

What’s the difference between BAS and GST? 

BAS is a full report that includes GST and other taxes such as PAYG instalments and withholding tax. GST is just one part of the BAS.

Do sole traders have to lodge BAS?

If you’re a sole trader registered for GST, you must lodge a BAS. If your annual GST turnover is less than $75,000 and you’re not registered for GST, you don’t need to lodge a BAS.

How can I reduce my BAS payments? 

To reduce your BAS payments, you can:

• Claim all eligible GST credits
• Keep your business records up to date
• Change your GST reporting cycle (e.g. from monthly to quarterly) if you can

What do I do if I can’t pay my BAS? 

If you can’t pay your BAS on time, contact the ATO as soon as possible to discuss your options. You may be able to set up a payment plan to manage your tax debt over time.

How long does a BAS refund take? 

If you’re entitled to a BAS refund, it will usually take around 14 days to get the funds once the ATO has processed your BAS. However, this can vary depending on your individual circumstances and the ATO’s workload.

By being aware of your BAS obligations, being organised and getting help when needed, you’ll be ready to manage this part of your business’s tax compliance. Remember, lodging on time and accurately will avoid penalties and help your business and the Australian tax system run smoothly.

Disclaimer: This information is general in nature and does not consider your personal circumstances. You should consider the appropriateness of the information with regard to your own objectives, financial situation and needs before acting on it. And, as always, professional advice is recommended.