Quarterly BAS lodgement due by 28 February

Businesses who lodge their business activity statement (BAS) each quarter are required to do so by 28 February 2014 for the October-December 2013 period. This applies whether lodging electronically, on paper or via a tax professional - and even if there is nothing to report or the business may not be able to pay straight away.

If you think you might have difficulty lodging your BAS this February, contact the Australian Taxation Office (ATO) as early as possible. If you have a viable business and have fallen behind with your GST payments, the ATO may be able to help you get back on track with an individually tailored payment arrangement. The Small Business Assist tool provides quick answers to business tax questions at any time of day, or you can make a booking with an ATO representative to call you back at a time that’s convenient for you. The ATO app can also be accessed from your smart phone.

Lodging your BAS on time and paying in full by the due date simplifies business operations and avoids unnecessary interest charges and penalties such as the failure to lodge on time (FTL) penalty. Figures for the 2012-13 financial year show that increasing numbers of Australian businesses (58%) are using the ATO’s online business portal to lodge their BAS.

“Experience shows the problem gets bigger and harder to resolve if businesses avoid making early contact with the ATO,” said ATO Deputy Commissioner Steve Vesperman. “We urge all businesses to take action now, make the BAS deadline a priority and contact the ATO early if you cannot pay on time to help minimise interest charges.”