Navigating the labyrinth of financial obligations as a business owner can be complex.
But have faith in yourself! You’ve built your business from the ground up; mastering the essential administrative task of BAS is just another milestone on your journey.
Business Activity Statements (BAS) are documents that tell the Australian Tax Office (ATO) what you owe in certain taxes.
You might feel a twinge of apprehension every time a BAS lodgement due date approaches, but what if we told you there are multiple easy-to-follow methods to get this job done?
Whether you’re tech-savvy and prefer the convenience of lodging your BAS online or the traditional type who finds solace in sending tangible documents via mail, there’s a method for you.
We’ll walk you through both approaches of how to lodge a BAS so you can lodge yours easily and confidently.
How To Lodge Your BAS Online
The ATO has designed its online system to be user-friendly and straightforward for lodging BAS.
There are three options:
- Online services for businesses: A secure website allowing small to medium businesses to manage their business tax affairs online.
- Online services for individuals and sole traders: If you’re an individual or sole trader, you can lodge your BAS through your myGov account.
- SBR-enabled software: This option allows for secure lodgment directly from your financial, accounting, or payroll software if you run a larger business.
Here’s a step-by-step guide to lodging your BAS via the ATO’s ‘Online services for business’ option.
- Prepare: Have your Australian Business Number (ABN) and the details of the transactions that you’re reporting ready.
- Log in to the ATO’s business portal: On the ATO website, click ‘Login’ on the top right of the page. Then, select ‘Business Portal’ from the drop-down list.
- Authenticate your account: If you haven’t already, download the myGovID app on your smartphone and follow the prompts to set up your digital identity. Then, use this myGovID to log in to the Business Portal on the ATO website. If you’re operating a larger business, you may need to use a different authentication method, such as your ABN or Relationship Authorisation Manager (RAM).
- Access your account: Once logged in to your account’s homepage, click on ‘Lodge activity statements’.
- Select the relevant BAS: Select the BAS form for the period you want to lodge.
- Fill in your BAS: Follow the prompts to input the relevant information for each label on the form. This information can include your Goods and Services Tax (GST), Pay as You Go (PAYG) instalments, PAYG withholding, and other obligations.
- Review and submit: Review all the information you’ve entered. Once you’re confident everything is correct, click ‘Submit’.
- Confirmation: After successfully lodging your BAS, you’ll receive a confirmation message with a receipt number for your records.
How To Lodge Your BAS by Mail
The ATO should send you a pre-printed BAS form based on your business’s registration details and past reporting history.
If you don’t receive one, you can order a blank form from the ATO by phoning 13 28 66.
- Fill in your BAS: Complete and sign your BAS form, including your ABN, the tax period, and the date.
- Check your form: Check all your entries for accuracy, as errors can lead to delays or incorrect assessments.
- Make a copy: Keep a copy of your completed BAS for your records.
- Mail your BAS: Send your completed BAS to the ATO in the provided reply-paid envelope. If you lose this envelope, send your form to “Australian Taxation Office, Locked Bag 1936 Albury, NSW 1936”.
- Payment: If you have a payment due, you can make it online, by mail, or over the phone. The ATO website provides detailed payment options.
Remember to post your BAS well before the due date to account for potential postal delays.
Questions About Lodging Bas? GeekBooks Can Help.
How Long Do I Have To Lodge My Bas?
That depends on the reporting period and how you lodge.
For quarterly reports, if you lodge online or through a tax professional, the due date is usually the 28th day of the month following the end of the quarter.
For example, for the January to March quarter, the due date would be April 28.
By mail, the due date is usually earlier, on the 21st day of the month following the end of the quarter.
For monthly reports, the due date is usually the 21st day of the following month, regardless of how you lodge.
How Do I Fill Out a BAS Statement?
You can complete your BAS online via the ATO’s Business Portal, fill out a paper form and send it by mail, or engage a registered tax or BAS agent to handle it for you.
How Do I Calculate BAS?
- GST: Tally the GST you have collected from sales and the GST you have paid on purchases during the reporting period.
- PAYG instalments: Calculate your business’s annual income tax.
- PAYG withholding: Report the amount of tax you’ve withheld from your employees’ pay.
- Other taxes: Calculate other obligations such as luxury car tax, wine equalisation tax, or fuel tax credits if they apply to your business.
What Does BAS Mean?
BAS stands for Business Activity Statement.
It’s a form that business owners submit to the ATO to report their business’s tax obligations, including GST, PAYG instalments, PAYG withholding tax, and other taxes.
If your business’s GST turnover is $75,000 or more, you must register for GST. If registered for GST, your business must lodge a BAS.
Additionally, you must lodge a BAS if you withhold taxes from employee wages.
Need Help with Your BAS?
Do you still have questions about how to lodge a BAS?
GeekBooks is here to make your BAS lodgement simple. Our expert bookkeepers ensure accurate BAS submissions on time, every time.
We are one of Australia’s leading BAS services, specialising in professional BAS preparation for small businesses.
Don’t let the stress of tax time get to you!
Complete our online booking form or call us on 02 9158 3591 for a free bookkeeping quote today.