BAS Preparation

Business Activity Statement (BAS) reporting is an important part of your business, regardless of whether you run a sole trader operation or a large company. Our experienced accountants and advisors can help you process your records and complete the monthly, quarterly or annual BAS.

We provide a range of services for BAS preparation including:

  • Review of your cash book data to ensure accuracy
  • If required, processing of your records
  • Preparation of BAS or Instalment Activity Statement (IAS)
  • Electronic lodgement with the ATO
  • Liaising with the ATO regarding reporting obligations and entitlements.

If you prefer to prepare and lodge your own BAS, we can also review your BAS and provide professional advice before lodgement to ensure your peace of mind.

BAS Due Dates

At Thorntons Business Advisors we can assist businesses with their lodgements, as well as advise any deadlines that will directly affect your business.

Monthly or Quarterly BAS Reporting

Monthly due dates are typically the 21st of each month. Don’t know if this applies to you? Contact us to chat!

Find out more

Business Activity Statement

Your Business Activity Statement (BAS) reports activity to the Australian Taxation Office (ATO) on a monthly or quarterly basis:

  • the GST you have paid within the reporting period.
  • Pay As You Go (PAYG) instalments
  • Withholding tax amounts
  • Fringe Benefit Taxes (FBT)
  • Fuel Tax Credits
  • Luxury Car Tax (LCT)
  • Wine Equalisation Tax (WET)

If you are registered for GST the ATO will automatically send you a BAS when it is time to lodge, every 3 months in January, March, June, September and December. These are usually around the 21st of the month with a two-week grace period. Penalties from the ATO do apply for late or non-lodgements and are worked out a rate applicable to the size of the business and its earnings.

PAYG

PAYG Instalments

Pay as you go (PAYG) instalments are regular payments towards your annual tax liability. The ATO will notify you if you need to start paying in instalments and will send you either an activity statement or an instalment notice depending on your circumstances. Many conditions and special rules apply for PAYG instalments for companies, trusts, partnerships, primary producers and consolidated groups so it is important you know your obligations.

We can advise you on what needs to be included in your instalment income, and what rate to use when calculating your instalment amount.

PAYG Withholding

PAYG Withholding instalments are amounts which are required to be withheld from certain payments, including those to employees, businesses that do not quote an ABN and contractors on voluntary agreements.  These amounts must be reported on the BAS or IAS returns.

In addition, there are new reporting requirements the Single Touch payroll system, which affects all employers from July 2019.

Speak to us today

We have dedicated experts ready to help with advice about your tax and accounting needs