7 February 2022

If you lodge your business activity statement (BAS) quarterly, it’s due on 28 February.

Like many small businesses that continue to be affected by COVID, you may be having trouble meeting your BAS lodgment obligations. If that’s the case, these tips may help when preparing your next BAS.

• Even if you have nothing to report, you still need to lodge your BAS as ‘nil’.
• Lodge online and you may receive an extra 2 weeks to lodge and pay.
• If you’re reporting and paying pay as you go (PAYG) instalments, you may be able to vary the amount or rate for the current income year. If your business income is reduced, you can lodge a variation on your next BAS or instalment notice.
• Even if you can’t pay in full, it’s important to lodge on time and pay what you can. Once you lodge and have up-to date records, we can help you understand your tax position and find you the best support. If you can’t pay in full, help is available.

If you’re closing or selling your business, you need to cancel your GST registration. Remember to complete your lodgment and payment obligations before you cancel your GST registration.

Remember, your BAS can be lodged through a registered tax or BAS agent, visit ATO update.

If you need some guidance for your business, feel free to drop us a message so we can schedule a one-on-one consultation.