BAS Explained: A Simple Guide for Small Business Owners
If you run a business in Australia, you've probably heard the term "BAS" — but what actually is it, and what do you need to do? At My Tax Time, we help business owners stay on top of their BAS every quarter, and here's the plain-English version.
What is a BAS?
BAS stands for Business Activity Statement. It's a form you lodge with the ATO to report and pay several tax obligations in one go. If your business is registered for GST, you'll need to lodge one — usually quarterly, though some businesses lodge monthly or annually.
What does a BAS cover?
Depending on your business, your BAS may include:
- GST — the goods and services tax you've collected and paid
- PAYG withholding — tax withheld from employee wages
- PAYG instalments — pre-payments towards your own income tax
- Other items like fuel tax credits, where relevant
When is it due?
For quarterly lodgers, BAS is generally due about four weeks after the end of each quarter. Lodging through a registered agent like My Tax Time can give you a little extra time, and helps make sure it's done correctly.
Why getting it right matters
Errors on a BAS — like miscalculating GST or missing a deadline — can lead to penalties and interest. Worse, they can throw off your cash flow planning. That's why many business owners choose to hand it over to professionals rather than wrestle with it themselves.
How we help
At My Tax Time, we take care of your BAS from start to finish: reconciling your accounts, calculating what you owe (or what you're owed), and lodging on time. That means fewer headaches for you and more time to focus on running your business.
If BAS season fills you with dread, it doesn't have to. Reach out to the My Tax Time team and let us handle the numbers.
