What Happens If My BAS Is Late?
Date posted: Wednesday, February 5, 2014
Now that you’ve read our handy table on this financial year’s BAS deadline dates, we bet you’re asking yourself ‘what happens if I don’t get my BAS in on time?’
To put it simply, if a business doesn’t lodge their BAS before the specified dates, the ATO may issue a failure to lodge penalty.
While your next question may be ‘how much are the penalties for getting your BAS in late?’, fines differ based on the size of the business, the length of delay in lodging and the lodgement history of the business.
If your business is unable to pay their tax instalment on time, they are still required to lodge an activity statement by the specified deadline. For companies in this position, a deferral of payment or payment arrangement is possible.
Still have questions? You can find out more by giving us a call, sending us an email or booking in for a visit. We specialise in servicing individuals and businesses within the Cardinia Shire and outer south-east suburbs including Pakenham, Berwick, Cranbourne, Officer, Beaconsfield, Garfield, and Drouin.
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When Is My BAS Due?
Date posted: Tuesday, January 21, 2014
So you want to know the answer to…
- Does my business need to submit a BAS?
- When do I need to submit my BAS?
- What are the BAS submission dates?
- What are the cut-off dates to submit my BAS?
Firstly, all Australian businesses are required to submit a Business Activity Statement (BAS) in order to report their taxation obligations.
Small businesses have different obligations to large businesses so activity statements are tailored to individual companies. GST, PAYG and Fringe Benefits Tax (FBT) are all potential inclusions on a company’s statement.
While the type of BAS form being completed by an organisation may vary, the required payment dates when lodging quarterly do not.
Still confused? Just follow Pakenham Taxation + Accounting’s simplified table below and get your BAS in before the specified dates. Easy-peasy.
For businesses that report and pay monthly, no need to stress. The Australian Tax Office has chosen the 21st day of the following month as the designated day for lodgement.
Still have questions? You can find out more by giving us a call, sending us an email or making an appointment. We specialise in servicing individuals and businesses within the Cardinia Shire and outer south-east suburbs including Pakenham, Berwick, Cranbourne, Officer, Beaconsfield, Garfield, and Drouin.
