The business activity statement (BAS) is a tax reporting requirement for businesses issued by ATO on either a monthly or quarterly basis.

It is used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other tax obligations.

The due date for lodging and paying is displayed on your business activity statement (BAS). If the due date is on a weekend or public holiday, you can lodge your form and pay on the next business day.

GST Registration

If your GST turnover is below the 75,000, registering for GST is optional.

If you have not registered for GST, and you become aware that your GST turnover will exceed the $75 000 per year threshold, you will have to register for GST within 21 days.

It is a good idea to check each month to ensure you’re not likely to go over the limit. Keeping an eye on your GST turnover is important so you can register if necessary.

What does GST Registration Mean for You?

If you are registered for GST, you are entitled to claim input tax credits for the GST paid on items you have bought for business use. If you are not registered, you cannot claim input tax credits.

You will have to collect GST from your customers and pay it to the Australian Taxation Office (ATO) when it is due. This is one-eleventh of the sale price.

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