Date posted: Tuesday, December 9, 2014
Ah, your Business Activity Statement. It’s no one’s favourite, but it is a necessary part of running a successful business in Australia.
Before we get into what happens if you lodge yours late, here’s a quick reminder of the quarterly due dates:
| Quarter | Due date |
| 1 – July, August and September | 28 October |
| 2 – October, November and December | 28 February |
| 3 – January, February and March | 28 April |
| 4 – April, May and June | 28 July |
So if you miss a date for whatever reason, what happens? The straightforward answer is that you’ll likely be hit with a Failure To Lodge penalty (FTL).
As of next financial year (July 2015), the penalty is $180 for each 28 days your BAS is late. And this is only for small businesses (less than $1million annual turnover) – for larger companies, the penalty is much greater.
As with most things, prevention is the best policy! To keep your BAS stress levels to an absolute minimum, keep these in mind when doing your day-to-day accounting:
- Lodge your BAS online
- If you don’t think you’ll make the due date, let the ATO or your BAS agent know in advance
- If you do miss the date, call the ATO anyway – they can help you develop a payment plan
- Keep the GST you collect in a separate bank account
- Make a cash flow budget
- Keep your records electronically
- Check your business systems regularly
Even better: take the weight off completely and talk to our team at Pakenham Tax + Accounting, the local expert BAS agents. Your business keeps you busy enough, so get in touch with us for any questions about lodging your BAS, what to do if it’s late or even about handing over the reigns completely.
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