Taxes can be confusing for a lot of business owners. One form that constantly proves to be one of the most complicated for those who need to fill them out is the Business Activity Statement (BAS). All registered businesses in Australia must fill out the form to submit to the Australian Taxation Office, but people usually have a few questions during the process. Here is a closer look at those FAQs, with general answers provided.
What is needed to successfully submit a BAS?
Like any tax situation, certain documentation is needed to move forward. Every submission needs to be accompanied with a document ID and an Australian Business Number. Along with that, the BAS must list the reporting period on it.
Failure to follow directions can complicate the process. Simply follow directions on the form to avoid submission issues.
How often do people need to send in Business Activity Statements?
In general, BAS submissions are usually once a quarter. There are some businesses that will decide to send information in monthly though, as it helps with organization, record keeping and overall cash flow. Monthly is optional for smaller businesses, but big businesses usually are required to move to monthly.
When are BAS submissions due?
Individual submissions are due on the 28th of the following month each quarter. For example, for the July, August and September quarter, the due date is October 28th.
If doing a monthly BAS, the due date is the 21st of the next month. This changes if it falls on the weekend or a holiday.
There is a two month deferral for anyone submitting activity statements online. The ATO has shown no signs of taking this promotion away.
If a mistake is made, what happens?
It is natural for people to fear making a mistake when it comes to anything tax related. The good news is that corrections are pretty easy to take care of. The ATO allows people to amend lodged statements if they wish, but adjustments can also be made on the next BAS as well.
Is there a way to make advanced payments on a future BAS?
At any time, a person can pay ahead to help cover a future BAS. The only thing needed to do this is a payment reference number. This is a strategy a lot of businesses use if they have the funds available.
What payment methods are accepted?
People can pay the ATO using BPAY, direct credit/debit and by mail. Those wishing to pay in person can do so at Australia Post.