How often do I need to lodge a BAS in Australia?
The frequency of lodging your Business Activity Statement (BAS) in Australia depends on your business's annual turnover and GST registration status. Most businesses lodge quarterly, but some may need to lodge monthly or annually.
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How it works in practice
Understanding BAS Lodgement Frequency
Your Business Activity Statement (BAS) is used to report and pay various taxes to the Australian Taxation Office (ATO), including Goods and Services Tax (GST), Pay As You Go (PAYG) instalments, PAYG withholding, and Fringe Benefits Tax (FBT).
Factors Determining Frequency
The frequency at which you must lodge your BAS is primarily determined by your business's annual turnover and whether you are registered for GST. The three main options are:
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Monthly: Required for businesses with an annual GST turnover of $20 million or more. These businesses must report and pay GST each month.
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Quarterly: This is the most common option. Businesses with an annual GST turnover of less than $20 million are generally required to lodge quarterly. The ATO provides specific due dates for each quarter (e.g., October 28 for the July-September quarter).
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Annually: If your business is registered for GST, and your annual GST turnover is less than $75,000 (or $150,000 for non-profits), you may choose to lodge and pay GST annually. You will still need to report PAYG withholding quarterly if applicable.
Important exceptions
While annual turnover is the primary determinant, there are exceptions. Businesses can voluntarily register for GST even if their turnover is below the threshold, which typically results in quarterly lodgement. The ATO can also direct a business to lodge at a different frequency. Additionally, if you lodge annually for GST, you may still have other obligations like PAYG withholding that require quarterly reporting.
What you should do now
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Determine Your GST Turnover: Calculate your business's annual GST turnover to understand your likely lodgement frequency.
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Confirm Your Registration Status: Check if your business is registered for GST, as this is a prerequisite for most BAS obligations.
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Review ATO Communication: Refer to any correspondence from the ATO regarding your specific lodgement cycle.
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Consider Voluntary Registration: If eligible for annual lodgement, decide if quarterly reporting offers benefits for your cash flow management.
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Utilise Software or a Tax Agent: Use accounting software or consult a registered tax agent to manage and lodge your BAS correctly and on time.
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