Running a business in Perth comes with numerous responsibilities, and lodging your Business Activity Statement (BAS) is one of the most critical. BAS is a mandatory requirement for Australian businesses registered for GST, and it’s designed to help the Australian Taxation Office (ATO) collect taxes like GST, PAYG withholding, and PAYG instalments. Understanding and lodging your BAS accurately and on time is essential to maintaining compliance and avoiding penalties.
Whether you’re a sole trader, partnership, or a growing enterprise, this guide outlines everything you need to know about BAS and how a qualified business tax accountant in Perth can help simplify the process.
- What Is a BAS and Who Needs to Lodge It?
A Business Activity Statement (BAS) is a form submitted to the ATO to report and pay various tax obligations, including:
- Goods and Services Tax (GST)
- Pay As You Go (PAYG) income tax instalments
- PAYG withholding (for employees)
- Fringe Benefits Tax (FBT) instalments
If your business has a GST turnover of $75,000 or more (or $150,000 for non-profits), you must register for GST and lodge BAS, typically monthly or quarterly depending on your turnover and ATO requirements. A small business tax accountant in Perth can help you determine your lodgement cycle and manage the reporting process.
- What’s Included in a BAS?
A BAS form includes fields for reporting:
- GST collected on sales
- GST paid on purchases (input tax credits)
- PAYG withholding amounts (if you have employees)
- PAYG income tax instalments (based on business earnings)
- Other taxes, if applicable (e.g. FBT instalments)
The net GST amount (GST collected minus GST credits) determines your payable or refundable GST. Accurate reporting is crucial to avoid underpayments, penalties, or cash flow issues.
- Key BAS Lodgement Due Dates
Your BAS lodgement frequency depends on your business size:
- Monthly: Due on the 21st of the following month
- Quarterly: Due on the 28th day after the quarter ends (e.g. 28 October for Q1, 28 April for Q3)
- Annually: Available in specific cases for smaller businesses
Lodging late may attract penalties and interest, so it’s essential to keep track. Your business accountant in Perth can handle timely lodgement and communication with the ATO on your behalf.
- Benefits of Hiring a BAS-Registered Agent
BAS can be complex, especially when you’re dealing with payroll, multiple revenue streams, or fluctuating income. A BAS-registered agent—often a qualified accountant or bookkeeper—has the expertise and authorisation to lodge on your behalf.
A BAS agent can help you:
- Accurately report GST and PAYG figures
- Identify input tax credits you may have missed
- Ensure correct classifications for income and expenses
- Avoid penalties and interest from late or incorrect lodgements
Engaging a small business tax accountant in Perth who is also BAS-registered ensures compliance and peace of mind.
- Common BAS Mistakes and How to Avoid Them
Some of the most common BAS errors include:
- Misreporting GST on purchases that are not GST-inclusive
- Claiming GST credits without proper tax invoices
- Failing to reconcile business bank accounts or accounting software
- Incorrectly classifying personal expenses as business expenses
- Overlooking PAYG withholding obligations for staff
A business accountant in Perth can help you implement a clean bookkeeping system and review entries before submission.
- Using Accounting Software to Streamline BAS
Modern cloud accounting software such as Xero, MYOB, or QuickBooks can simplify your BAS by automating:
- GST tracking
- Payroll calculations
- BAS form generation
- Direct online lodgement to the ATO
Your accountant can help you choose and configure the right software for your business, ensuring seamless reporting every quarter.
- What Happens After Lodging a BAS?
After you lodge your BAS, you’ll either:
- Receive a tax bill (if your GST collected exceeds GST paid), or
- Get a GST refund (if GST paid exceeds GST collected)
Make payments by the due date to avoid penalties. If you’re facing financial hardship, a business accountant in Perth can assist in negotiating a payment plan with the ATO.
- The Importance of Quarterly BAS Reviews
Even if you’re using software, it’s vital to have a professional review your BAS quarterly. A small business tax accountant in Perth will:
- Spot inconsistencies
- Update your financial strategy
- Provide cash flow and tax forecasting
Quarterly reviews help you stay proactive and prevent costly errors before they snowball.
Conclusion
Navigating BAS requirements doesn’t have to be overwhelming. With the right knowledge, tools, and support, Perth businesses can meet their tax obligations confidently and focus on what they do best—growing their business.
Working with an experienced business tax accountant in Perth ensures your BAS is accurate, timely, and maximises the benefits available to you.
Need help with your BAS lodgements or quarterly tax reviews?
Visit our website https://perthtaxpeople.com.au/business-accountants-perth/ today to speak with a professional small business tax accountant in Perth who can guide you every step of the way.
Frequently Asked Questions
Q1: How do I know if I need to lodge a BAS?
If your business is registered for GST (i.e. earning $75,000+ annually), you’re required to lodge BAS—either monthly, quarterly, or annually depending on your ATO setup.
Q2: Can I lodge BAS myself without an accountant?
Yes, but BAS can be complex. Mistakes can lead to penalties or missed credits. Many Perth business owners choose to engage a business tax accountant for peace of mind.
Q3: What if I miss my BAS due date?
You may face penalties and interest. Contact your accountant immediately—they may be able to request a deferral or arrange a payment plan with the ATO.
Q4: Is GST always included in my sales?
Not always. Some goods/services are GST-free or input-taxed. A qualified accountant can help determine the correct GST treatment for your transactions.
Q5: What records do I need for BAS?
Keep tax invoices, receipts, bank statements, payroll reports, and reconciliation summaries. Your accountant will help maintain proper documentation for each lodgement.