Simplifying BAS: Requirements for a Small Business to Lodge BAS in Australia


Do you run a small business in Australia with a valid registration of GST? Then, you are considered eligible to lodge a Business Activity Statement (BAS). You can lodge your BAS on a quarterly as well as on a monthly basis. Until recently, the concept of a simpler BAS has been introduced in Australia. So, if you’ve commenced your small business of late, then, you are eligible for this simpler BAS. Besides, there is an array of crucial BAS requirements which you need to meet. In response to it, you can expect to lodge your BAS successfully. 

Small businesses eligible for BAS

As already told above that you can lodge a BAS only if your business is registered for GST. Make sure that the annual turnover of your business is above AU$75,000. It is only after ascertaining this factor when the Australian Taxation Office will allow you to lodge your BAS. This amount is exclusive of a GST of ten percent. So, once you attain the threshold of AU$75,000, you need to register for GST unfailingly. Remember, the moment you reach the eligible sum, you must register for GST within the next twenty one days. 

Australian Business Number

As part of the BAS lodgment criteria, you need to obtain a valid Australian Business Number too. Subsequently, the Australian Taxation Office will ascertain your GST registration and your pertinent Australian Business Number. If is only after that when the ATO authority will send you the due date of your BAS lodgment. 

Consider the type of your business

What is the type of business that you run in Australia? This is one such question which you should ask yourself before you lodge and submit your BAS. This is because the criteria for BAS lodgment varies according to the type of business you own. So, make sure that particularly to which of the following categories your business falls in Australia. 

  • Sole trader 
  • Partnership
  • Trust or 
  • Company

You can always feel free to visit the official site of the ATO to get furthermore information regarding this matter.  

An introduction to Business Activity Statement

So, you already know the fuller form of BAS, right? Yes, it’s a Business Activity Statement which the ATO wants you to submit imperatively? Do you know why? This is because by submitting your BAS, you will be able to provide a summary of your company’s total revenue generated. Besides, this amount will also be teamed by all the potential figures pertaining to your business expenses. What’s more, lodging your BAS on time has another benefit as well. 

Reporting and payment of various taxes

Once you lodge and submit your BAS, you can report on certain payable taxes. The best part is you can pay these taxes through the effective lodgment of your BAS. These taxes include the following:

  • Pay As You Go (PAYG) installments 
  • Goods and Services Tax 
  • PAYG Withholding Tax and 
  • Additional Taxes  

The ATO actually optimizes your BAS to evaluate your GST refund and GST bill. In short it can be said that you can know about your tax obligations by submitting your BAS. You can hire a BAS Agent Perth to lodge and submit your BAS in line with ATO’s protocol. 

Crucial BAS requirements

You can now get access to the Simpler BAS reporting format only after meeting certain requirements. To become eligible ascertain that your annual turnover is below ten million AUD. Besides, you should have a substantial registration for GST with the Australian Taxation Office. Conversely, it might be the case that your annual turnover is exceeding ten million AUD. In that case, you need to lodge and submit a more informative and detailed Business Activity Statement. 

Simpler BAS: Its imperative requirements

When it comes to the Simpler BAS format, there are only a few things which you need to report about. These include the following: 

  • 1B GST on purchases 
  • 1A GST on sales and
  • G1 Total Sales 

Make sure that you lodge and submit your BAS by the 21st of each month. This criterion applies to those who are paying on a monthly basis. If you pay on a quarterly basis, then the system is different. In that case, you need to lodge on the 28th of July, April, February or October. 

Appoint a BAS agent in Perth

Hire a registered BAS agent in Perth to get the best assistance in this matter. Depending on the type of your business, your BAS agent will guide about your BAS lodgment. Subsequently, he or she will tell you whether you need to lodge on a quarterly or monthly basis. 

Different modes of BAS lodgment

There are different ways adhering to which you can lodge your Business Activity Statement. These include the following:

  • Through a telephonic communication 
  • By postal communication 
  • If you wish you can also lodge and submit your BAS online and 
  • The best option is to hire a qualified BAS agent in Perth. 

Your BAS agent will optimize the preferred electronic channel to lodge and submit your BAS on your behalf.

Benefits of appointing a BAS agent

If you hire a BAS agent to report and lodge your BAS, there are several benefits. Firstly, you can access your pertinent activity statement through feasible platforms. These include your myGov account or your pertinent Business Portal. Besides, your BAS agent can also view the activity statements on your behalf. These statements are generally sent to your myGov inbox. 

Pieces of information which aren’t required

While you’re accessing the Simpler BAS format, you need not provide certain bits of information. These include the following:

  • G11-Non-capital purchases 
  • G10-Capital purchases 
  • G3-GST-free sales 
  • G2-Export sales

Remember that the ATO wants you to send accurate pieces of information before you lodge your BAS.  These include the various financial data which solely pertain to BAS lodgment in Australia. Hire a small business tax accountant in Perth if you wish to report and lodge your BAS impeccably. Rest assured that your BAS agent will leave no stone unturned to lodge and submit your BAS perfectly.