Need Some Help Getting Your BAS Prepared?
As you know, lodging your BAS is critical as a business owner, to avoid unnecessary penalties from the ATO. The longer you leave it before lodging, the higher the penalty can be.
One business had a bill of $15,000, that could have easily been avoided.
While your business may not have the cash to pay your BAS, it’s important to still lodge your BAS on time, every time. Any interest the ATO may charge on amounts owed is vastly cheaper than the penalties for non-lodgement or late lodgement of your returns.
Lodging your BAS, even with past due ones is where the professional team of ABBS can assist you. We can talk to the ATO on your behalf, so you don’t have to.
ABBS can also assist you with setting up payment plans with the ATO for overdue debt, which could include GST, PAYGI (Instalments), PAYGW (Withholding), fuel tax, and fringe benefits payments
Your Statutory Requirements
Below are the Statutory and Regulatory requirement basics a business needs to be aware of.
You’re welcome to contact a friendly, ABBS registered BAS agents to answer your specific questions.
In general, the following will apply:
July Deductions – 21st August (Monthly IAS)
August Deductions – 21st September (Monthly IAS)
September Deductions – 28th October (Quarterly BAS)
October Deductions – 21st November (Monthly IAS)
November Deductions – 21st December (Monthly IAS)
December Deductions – 21st February (Quarterly BAS)
January Deductions – 21st February (Monthly IAS)
February Deductions – 21st March (Monthly IAS)
March Deductions – 21st April (Quarterly BAS)
April Deductions – 26th May (Quarterly BAS)
May Deductions – 21st June (Monthly IAS)
June Deductions – 28th July (Quarterly BAS)
In general, the following will apply:
July to September GST – 28th October (Quarterly BAS)
October to December GST – 21st February (Quarterly BAS)
January to March GST – 28th April (Monthly IAS)
April to June GST – 28th July (Quarterly BAS)
Appointment of a tax agent for FBT role – 21st May
FBT Annual Return – 28th May
FBT provision payments are usually made with the quarterly BAS, see GST reporting.
The due dates provided below are the dates the funds are required to be cleared funds in the super fund accounts. Where funds are not clear funds with the superannuation funds on that date, a superannuation guarantee charge statement must be completed where penalties and interest will be applied.
It is recommended to allow 3 clear days for funds to be cleared to the super fund account for the employee.
July to September – 28th
October to December – 28th
January to March – 28th
April to June – 28th
ABBS recommend to our clients that employee superannuation payments be made monthly. This will assist with general cash flow, and provides a fallback position should the business encounter any period where cash is tight.
When is a Super guarantee report required and when is it due?
When do I need to submit Tax File Declarations (TFN’s) for my employees?
When do I need to lodge my Taxable Payments Annual Report?
When do I need to complete STP Finalisation for employee Income Statements?
Employers who do not pay the super guarantee for their employees to the employee’s superannuation fund by the due date must complete a Superannuation Guarantee Charge Statement. (Interest and penalties will be applied and will not be tax-deductible)
July to September – After 28th October.
October to December – After 28th January.
January to March – After 28th April.
April to June – After 28th July.
Tax File Number (TFN) Declarations can be submitted electronically by ABBS.
A TFN can also be submitted directly from some accounting software products.
A TFN is recommended to be submitted to the Australian Taxation Office within 14 days of commencement of the employee.
If you are in any of the industries nominated by the ATO, payments made to sub-contractors, you are required to lodge a Taxable Payment Annual Report (TPAR) by 28th August for the year July to June.
Check with an ABBS BAS agent if you are not sure if your industry is required to lodge these annual reports.
14th July – STP finalisation for employee Income Statements should be completed and available to your employees in their MyGov accounts.
Implications for Directors
Company directors have a legal responsibility to ensure that their company meets its PAYG withholding and superannuation obligations. A company director who fails to meet these legal requirements in full by the due date automatically becomes personally liable for the unpaid amount.
The information provided above is for convenient reference only and is available from the ATO website in more detail if needed.
BAS Services by ABBS
ABBS take the provision of BAS services and the issue of compliance seriously so that reporting is completed correctly the first time. This is important because a revision adds unnecessary costs to your compliance program. We are very aware of how quickly lodgement dates can creep up unnoticed, and how allowing these compliance dates to slip by unnoticed can cost your business money.
With BAS services being provided by an ABBS bookkeeper and BAS agent, you can be sure that you and your business are not exposed to these additional costs and eliminate your penalty risks.
What our clients say about us…
“We have been able to
focus on our growth without the distraction of the bookkeeping”
“I am so grateful for the expertise, professionalism and excellent customer service I have experienced.”
“Took the weight off my shoulders so I could focus on developing my business and moving forward”
ABBS Guarantee to you
If we are provided with the information needed to complete your BAS, and an error is made, ABBS will complete any corrections and re-lodgements at no cost to you.
1300 022 270
Book An Appointment