General BAS Due Dates
One of the key things we’re always asked by clients is: when is my BAS (business activity statement) due? So, we’ve created this resource that not only lists the relevant due dates, but also to help you understand your BAS obligations and how to lodge.
Following these guidelines will ensure that you’re not only compliant with the Australian Taxation Office, but that you’re charging the correct amount for your services and avoiding any late penalties.
GST Reporting and Payment Cycles
One key part of BAS is GST payments. This is the 10% added to most goods and services for every business or sole trader that makes over $75,000.The conditions for frequency of lodgement requirements are automatically calculated based on how much your business turns over per annum:
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- If your GST turnover is $20 million or more, you will be required to report monthly;
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- If your GST turnover is less than $20 million, you can report quarterly; or
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- If you have voluntarily applied for GST and your turnover is under $75,000 (or $150,000 for non-profits), you can report annually.
So, how do you lodge your activity statement? You can lodge yourself, or enlist the help of a registered Tax Agent. If you’re going it alone, use the ATO app to set calendar reminders of key dates on your phone. This will ensure that you complete your return and pay on time. The easiest way to make the lodgements yourself is through the ATO online services.
If you lodge electronically, it’s simple to lodge and pay for your activity statements. Alternatively, if you’re not comfortable lodging online you can use the postal service to make lodgement and payment. Go for whichever way is easiest for you – after all, you want to make this process as stress-free as possible and ensure you’re lodging on schedule.
Having a Tax Agent assist you in completing your activity statement has many advantages – you can ensure that you are completing with accuracy and often, they have a different standard due date than if you lodge yourself (eligibility conditions apply).
Monthly BAS Reporting
When it comes to monthly lodgements (generally for large businesses), the lodgement and payment of monthly returns is due the 21st of the month after the taxable period. For example, July monthly BAS will be due on 21 August.
Remember, the monthly activity statements are generally only applicable to any business that has a GST turnover of over $20 million. Small businesses lodging monthly is not very common.
Quarterly BAS Reporting
When it comes to quarterly returns, there are specific lodgement dates that need to be met. For the 2023/24 financial year, the confirmed due dates for the quarterly activity statements are as follows:
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- Quarter 1 (1 July 2023 to 30 September 2023): due date 28 October 2023
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- Quarter 2 (1 October 2023 to 31 December 2023): due date 28 February 2024
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- Quarter 3 (1 January 2024 to 31 March 2024): due date 28 April 2024
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- Quarter 4 (1 April 2024 to 30 June 2024): due date 28 July 2024
Note, generally BAS/Tax Agents are granted an automatic four week extension for quarterly BAS for quarter 1, 3 and 4 – the December due date remains the same as an extension is always automatically applied to this quarterly BAS.
Annual BAS Reporting
Finally, we have annual reporting. This is just for those who have voluntarily applied for GST and are under the $75,000 threshold (or $150,000 for non-profits). The due date to lodge your BAS is the same as your tax return. If you are not required to lodge a tax return, it will be due on 28 February following the annual tax period.
BAS Due Dates 2023/24
BAS not only report on GST, but also act as income statements for PAYG instalments and PAYG withholding (which, when you pay wages, will be summarised on your payment summaries made during the financial year). Note, superannuation guarantee payments are reported on and lodged separately to your activity statements. Quarterly lodgements are the most common for small business. As mentioned above, if you lodge quarterly, registered BAS Agents (or Tax Agents) generally receive a four week extension on your original due date for lodgement and payment of your returns. Dates are as follows:
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- Q1 September Quarter: due date extended to 25 November
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- Q2 December Quarter: due date remains at 28 February
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- Q3 March Quarter: due date extended to 26 May
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- Q4 June Quarter: due date extended to 25 August
Monthly BAS generally do not attract any due date extensions if you lodge through a BAS/Tax Agent – the standard due date will still apply. This is generally the 21st of the month after the respective periods. Monthly lodgers will generally follow these dates:
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- July: due date 21 August
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- August: due date 21 September
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- September: due date 21 October
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- October: due date 21 November
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- November: due date 21 December
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- December: due date 21 January
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- January: due date 21 February
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- February: due date 21 March
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- March: due date 21 April
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- April: due date 21 May
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- May: due date 21 June
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- June: due date 21 July
Changing Reporting and Payment Cycles
There is the opportunity to potentially change your reporting and payment cycle. This will change the frequency of reports and payments, adapted to your business’ needs. If this is applied for early on in the lodgement period you may be able to make payments early. However, if you do not notify the ATO until near the end of your lodgement period you may have to wait until next quarter to see the changes.
There are also two more reasons why your payment cycle may change: in the event of a natural disaster or if the date falls on a weekend or public holiday. If it is the latter, you must lodge the next business day.
FAQs
What happens if I lodge my activity statement late?
If your BAS is not lodged by the ATO deadline, you may be charged late penalties and interest. Remember, BAS lodgement extensions often apply if you lodge through a registered agent, so consider this if you would like more time for lodgement and payment.
How long does a BAS refund take?
On average you can expect to wait up to 12 business days to receive a lodgement refund. This can take longer if you have any issues against your account such as debt or a history of lodging after the standard due date.
Do I have to lodge and pay activity statements if I earn under $75,000?
No – you only have to pay BAS if you charge GST; and the income threshold for this is $75,000. So if your businesses’ gross income is less than $75,000, you won’t need to register for GST or pay BAS.
Do sole traders have to pay BAS?
Sole traders do have to pay BAS but only if they meet the eligibility criteria: if their gross income exceeds $75,000.
How are GST late fees calculated?
GST late fees are calculated per missed day of payment after the original due date (not including a public holiday). The amount will also be judged on your businesses’ turnover. Once paid the late fees will cease.
What happens if you forget to charge GST?
Unfortunately, you still have to pay the 10% amount from the point that you should have been charging GST. This will mean that you’ll lose out on 10% of invoices paid over $75,000 as you haven’t been charging the GST.
Is BAS and GST the same?
No. A BAS is a business activity statement – this is the form you are required to report your GST on. GST stands for goods and services tax and is the 10% applied to most goods and services in Australia.
Can I pay my BAS in instalments?
Yes, you can set up a payment plan with the ATO if you need more time to pay. Note that interest charges may apply, so we recommend that you seek professional advice around this.
Who can lodge BAS?
You can either lodge your BAS returns yourself or get a registered tax professional to lodge for you. This will ensure compliance and that you’ll never be late.
What happens if the due date falls on a weekend?
If your BAS due date falls on a weekend or a public holiday, then you have until the next business day to lodge and pay. For example, if your quarterly returns are due on 28 October but this due date falls on a Saturday, then you will have until the month (30 October) to lodge and pay. This applies to lodgement dates for monthly BAS as well as all other lodgement and payment cycles.
Do I report my superannuation guarantee obligations via my activity statement?
No – superannuation guarantee reporting is done separately.
