What is a Business Activity Statement (BAS)?
A business activity statement (BAS) is a form that qualifying businesses must submit to the ATO to report their tax obligations. If your business generates revenue over $75,000 per annum, or if you have a not-for-profit generating over $150,000 per annum, you'll need to do a Business Activity Statement (BAS).
The Australian Taxation Office (ATO) requires you to fill out a BAS so you can report on and pay your tax liabilities on the one form at the same time.
If you're an Uber driver, you must register for GST, charge GST on all fares and submit a BAS, regardless of your income level.
What is included in a BAS?
What specifically you report on your BAS will depend entirely on your business. A BAS can include some or all of the following payments:
Goods and services tax (GST)
Pay as you go (PAYG) income tax instalment
Pay as you go (PAYG) tax withheld
Fringe benefits tax (FBT) instalment
Luxury car tax (LCT)
Wine equalisation tax (WET)
Fuel tax credits
When do I need to lodge a BAS?
The ATO lists the following cycles for BAS lodgement:
Quarterly – if the GST turnover of your business is less than $20 million and it hasn’t been specified that you must report monthly.
Monthly – if your GST turnover is $20 million or more.
Annually – if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies).
BAS lodgement due dates
Your BAS lodgement due date depends on whether you’re reporting monthly, quarterly or annually:
Quarterly lodgement
Businesses reporting once a quarter need to do so by:
28 October for July to September quarter,
28 February for October to December quarter,
28 April for January to March quarter and
28 July for April to June quarter.
Monthly lodgement
Businesses reporting monthly need to do so by the 21st day of the following month. Therefore, your July BAS is due on 21 August.
Annual lodgement
Businesses reporting annually must lodge by the same due date as their tax return. If they aren’t required to lodge a tax return, their annual BAS is due 28 February, following the annual tax period.
How to lodge BAS
There are several ways that you can lodge your BAS. You can do so through:
Standard business reporting-enabled software, such as MYOB Business
ATO online services for businesses
myGov if linked to the ATO (only if you’re a sole trader)
A registered tax or BAS agent
You can also lodge a paper form by mail and a ‘nil’ BAS over the phone. Check out the ATO’s web page How to lodge your BAS for further details.
How to prepare BAS in MYOB
Here’s how to prepare BAS in MYOB Business:
From the Dashboard click Accounting then Prepare BAS or IAS.
There are two options: 'File with MYOB' - this option connects the file to the ATO so BAS and IAS can be prepared and lodged; or 'create BAS report' - this report can’t be lodged. Use this report for lodging outside of MYOB.
Click Get started under the File with MYOB option.
From the Activity statements screen, follow the prompts to connect to the ATO. You’ll be shown a unique Software ID which needs to be enabled by contacting the ATO.
Once connected, the dashboard will automatically show any outstanding activity statements. Click the activity statement you want to prepare.
The activity statement will be populated with data from MYOB based on your tax code setup. Review and ensure it’s correct.
Click Prepare to lodge, and if all details are correct, Lodge to the ATO.
You'll see a notice from the ATO advising you that the form has been lodged. Note the BPAY biller code and customer reference number so you can make your payment later.
Take control of your BAS with MYOB
Business Activity Statements can be stressful for many business owners. However, you can use accounting software and/or a registered tax or BAS agent to make lodging and paying your BAS as easy as possible.
With MYOB Business, you maintain comprehensive records of your sales, expenses, wages and other fees and costs. MYOB pre-fills your BAS for you to review and lodge from your software. You can also allow your bookkeeper access to your software at no additional cost, so you get the support you need.
Take control of your tax, reporting and compliance requirements with MYOB. Check out our plans and get started today.
Disclaimer: Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.
MYOB is not a registered entity pursuant to the Tax Agent Services Act 2009 (TASA) and therefore cannot provide taxation advice to clients. If you have a query concerning taxation, including filing your BAS return or annual tax statements, then you should consult with your accountant or other registered tax adviser.