Many small businesses that are still affected by COVID, maybe having trouble meeting their BAS lodgement obligations. If you lodge your business activity statement (BAS) quarterly, the due date without any penalty is 28 February, 2022.
In case, you are not aware of the lodgement obligations, here are some points to get you through:
- You need to lodge your BAS as ‘nil’ if you have nothing to report.
- Online lodgement may get you extra two weeks to lodge and pay.
- For PAYG instalments, vary the amount or rate for the current year.
- If your business income is reduced, lodge a variation on your next BAS.
- If you can’t pay in full, it’s important to lodge on time and pay what you can.
Once you lodge your BAS and have up-to-date records, your tax consultant can help you understand your tax position and compliance.
How To Lodge Your BAS?
When it comes to lodging your business activity statement (BAS), reporting GST and PAYG instalments, there are several options to do so:
- Lodge online
- Lodge through your tax or BAS agent
- Lodge by mail
No matter, your BAS is nil or you can’t pay by due date, you still need to lodge the statement on time. This will give you the certainty of your position with the ATO and confirm that you are aware of the obligations.
Remember, the accurate and efficient way to lodge your BAS is through a registered tax or BAS agent. If you are in contact with a reliable tax accountant who can lodge, vary, and pay on your behalf, you can rest assured as your statements are in professional hands. A tax agent can:
- view BAS and reminder messages sent to you online
- access your BAS through online services for business or myGov
It’s advised to lodge your quarterly BAS statement before 28 February 2022 to avoid any penalty. For more information or professional assistance, feel free to consult our tax agents at KPG Taxation.