If you've recently registered for GST — or you're about to — you'll need to get familiar with the Business Activity Statement, or BAS. It's one of the most regular compliance obligations Australian businesses face, and missing a lodgement can trigger penalties quickly.
This guide explains what a BAS is, what it covers, and what happens when you miss a deadline — in plain English.
"A BAS is how the ATO reconciles the GST you've collected from customers with the GST you've paid on expenses. The difference is what you owe — or what you're owed back."
What Does a BAS Cover?
A Business Activity Statement brings together several tax obligations into one lodgement. Depending on your business, yours might include:
- GST collected on sales and GST credits on purchases
- PAYG withholding (tax withheld from employee wages)
- PAYG instalments (prepaid tax on business income)
- Fuel tax credits (if applicable to your industry)
When Is BAS Due?
Most small businesses lodge quarterly. The due dates are the 28th of the month following the end of each quarter — so 28 October, 28 February, 28 April, and 28 July. If you lodge through a registered tax agent like CYS Accountants, you're typically entitled to an extended deadline, which gives you more time to get your records in order.
What Happens If You Miss a Lodgement?
The ATO applies a Failure to Lodge penalty for overdue BAS lodgements. This is calculated in units of $330 per 28-day period, capped at a maximum depending on your entity size. More importantly, outstanding lodgements attract interest charges on any tax owing. The sooner you lodge — even if you can't pay — the better the outcome.
Key Takeaways
- BAS is required if your annual turnover is $75,000 or more
- Quarterly due dates: 28 Oct, 28 Feb, 28 Apr, 28 Jul
- Tax agents get an extended lodgement deadline
- Lodge even if you can't pay — lodging late is better than not lodging
- Keep your books up to date so BAS preparation isn't a scramble
Our team prepares and lodges BAS for businesses across the Gold Coast and Brisbane. If you're behind on lodgements or just want someone to take this off your plate, we're here.