A business, registered for GST and/or withheld tax from employees’ salary, needs to lodge a Business Activity Statement (BAS) and Instalment Activity Statement (IAS). The due date means the last day of reporting (lodgement) and pay. If BAS/IAS is not reported by the due dates, ATO may impose a penalty. The due date varies depending on the payment cycle. The payment cycle can be quarterly, monthly, or annual.
Determination of the payment cycle
The payment cycle depends on the GST (Sales) turnover. The threshold is as follows:
Payment Cycle | GST (Sales) Turnover Threshold |
Quarterly | Less than $20 million and you are not advised to report monthly by ATO |
Monthly | $20 million or more |
Annual | Voluntarily registered for GST and GST turnover is under $75,000 ($150,000 for not-for-profit bodies) |
Methods of lodging activity statements
You can lodge your BAS or IAS by yourself or with the help of a registered tax/BAS agent. If you are lodging by yourself, you can lodge electronically through ATO online services or paper-based using the postal service.
However, if you lodge it through the help of a registered tax/BAS agent, you’ll have many advantages such as accuracy of lodgement and extra days to lodge and pay.
Due dates for quarterly BAS/IAS
The due dates for quarterly BAS or IAS are as follows:
Quarter | Period | Standard Due Date | Due Date if Lodging Online | Due Date if Lodging through Tax Agent |
1 | 1 July to 30 September | 28 October | 11 November | 25 November |
2 | 1 October to 31 December | 28 February | 28 February | 28 February |
3 | 1 January to 31 March | 28 April | 12 May | 26 May |
4 | 1 April to 30 June | 28 July | 11 August | 25 August |
Due dates for monthly BAS/IAS
The due date for the monthly BAS/IAS is the 21st day of the month following the end of the taxable period. There is no extension if you lodge online or through a Tax/BAS agent. Due dates are as follows:
Month | Due Date |
July | 21 August |
August | 21 September |
September | 21 October |
October | 21 November |
November | 21 December |
December | 21 January |
January | 21 February |
February | 21 March |
March | 21 April |
April | 21 May |
May | 21 June |
June | 21 July |
Schools and associated bodies are automatically granted a deferral of their December activity statement. These will be issued with a deferred due date of 21 February.
Due dates for annual BAS/IAS
The due date to lodge and pay the annual GST return is 31 October. If the business isn’t required to lodge a tax return, then the due date is 28 February following the annual tax period. Different dates may apply if you use a registered tax or BAS agent.
FAQ
Most frequent questions and answers
If you don’t lodge your activity statement by the due date, ATO may impose penalties and interest.
If you lodge by the due date but don’t pay, still ATO may impose penalties and interest. You can set up a payment plan with ATO if you need more time to pay. Interest charges may apply, so we recommend to contact us to get professional advice.
If the due date is on a weekend or public holiday, you have until the next business day to lodge and pay.
In BAS and IAS, you have to report goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax, and other taxes.
There are many advantages if you lodge your BAS/IAS through an agent. You’ll get additional days to lodge and pay your activity statement. Also, they will ensure the accuracy of the lodgement and meet the compliance. They can also arrange a payment plan if you want to pay the taxes in instalments. Contact Accounting Mate to get more benefits.
