Business Activity Statements
Streamline your Business Activity Statement, BAS return, and services tax processes with expert insights from our team of certified accountants.
Hiring a BAS accountant to help compile and lodge your Business Activity Statement (BAS) with the Australian Taxation Office (ATO) can save you time and ensure accuracy. Each certified BAS accountant within our team will guide you through preparing BAS, provide valuable insights and advice, and handle it on your behalf.
What Is a Business Activity Statement?
A BAS is a report that Australian business owners must submit to the Australian Tax Office (ATO).
Unlike personal tax returns, this document contains information about the various types of BAS tax unique to a business, such as GST and PAYG.
Failure to submit the BAS before the due date for final submission can result in financial penalties.
The BAS also provides valuable insight into the financial health of your business BAS, including details on your sales, expenses, and GST liabilities.
To avoid penalties and ensure that your BAS is completed accurately and efficiently, you can hire a BAS accountant to help with the process. We can provide expert guidance and advice on maximising your tax deductions and minimising your tax liabilities.
When Should You Lodge a BAS Return?
The frequency of reporting can vary depending on the tax type and the business size.
If your business’ GST turnover is $20 million or more, or if you choose to report monthly, you must submit a BAS return every month.
You may also report monthly if your business’s income tax year does not end on 30 June.
GST-registered businesses with a turnover of less than $20 million can report quarterly.
The information you must report every quarter on the BAS includes GST, PAYG withholding, PAYG instalments, and FBT instalments.
You can report annually if you have voluntarily registered your business for GST and its GST turnover is under $75,000 ($150,000 for not-for-profit bodies).
Monthly Reporting Lodgement Dates
Quarterly Lodgement Dates
Annual Lodgement Dates
The 21st day of the month following the end of the taxable period.
July – September: 28 October
October – December: 28 February
January-March: 28 April
April – June: 28 July
What are the Penalties For Missing a BAS Lodgement Date?
If you miss the deadline for submitting your BAS statements, you may face a failure to lodge (FTL) penalty. The fines for this offence can be higher if you frequently lodge your BAS late, but generally, for every 28 days (or part thereof) that your business is late in lodging, you can be fined $110.
The maximum penalty for this offence is capped at $550.
You must attend to your BAS lodgement date to avoid these penalties and ensure compliance with ATO regulations.
What are the Benefits of Hiring a BAS Accountant?
While it’s possible for most businesses to handle their own BAS lodgement, hiring a BAS accountant or registered tax agent offers numerous benefits, including:
- Expert guidance and advice on compiling and lodging your BAS
- Access to extended lodgement dates
- Time savings and efficiency in the process of preparing BAS
- Compliance with ATO regulations
- Avoidance of financial penalties
- Improved financial health of your business
- Professional expertise and knowledge of BAS tax laws
- Customised services to fit the specific needs of your business
- Peace of mind and stress-free BAS return lodgement
- Access to accounting software tools to help you effectively manage your tax invoices
Why Choose KNS to Lodge Your Business Activity Statements?
At KNS, we offer various services to help you with your BAS lodgement. Our BAS agent team has the expertise and knowledge to guide you through preparing BAS, ensuring that your BAS is accurate, on time and compliant with ATO regulations.
We also offer customised services to fit the specific needs of your business. Whether you need assistance with monthly, quarterly, or annual BAS lodgement, our team is here to help. We also provide timely and reliable support, so you can trust that your BAS will be submitted on time without issues.
Choose KNS for your BAS lodgement and enjoy the peace of mind and stress-free experience of working with experienced professionals.
Contact us today to learn how we can help you stay on top of your BAS obligations.
We are proud of our long-standing relationships with our clients over the years. Many of them have been with us for a long time and trust us to manage their finances responsibly. We are committed to providing the highest level of service and support so our clients can feel confident in their financial management.
Our team of accountants is dedicated to upholding the highest standards of professionalism in everything they do. They are competent, knowledgeable, and deeply understand BAS accounting. This expertise allows them to provide valuable insights and advice to our clients.
We are committed to helping our clients achieve their financial goals. Our team of experienced accountants provide quality services and tailored solutions for businesses of all sizes. Whether you need assistance with your BAS lodgement, tax planning, or financial management, we have the expertise and knowledge to help.
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BAS Services Made Simple. Speak to our BAS Accountants Today!
At KNS, our BAS agents are dedicated to simplifying the process of BAS lodgement for our clients. Our team of experienced accountants, business advisors, and tax agents can provide expert guidance and advice on how to compile and lodge your BAS accurately and efficiently. We can also assist with tax planning, financial management, and other accounting services.
Contact us today to learn more and get started.
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BAS examples include details on your sales, expenses, GST liabilities, PAYG withholdings, and more. It’s a comprehensive report that provides insights into the financial health of your business.
Preparing BAS involves collecting all relevant financial data, understanding the various tax obligations, and accurately filling out the BAS form. Hiring a BAS accountant can simplify this process.
To complete BAS efficiently, ensure you maintain regular financial records, understand your tax obligations, and consider using accounting software or hiring a BAS accountant for expert guidance.
A BAS return is the actual submission of your Business Activity Statement to the ATO, while BAS statements refer to the documents detailing your business’s financial activities.