The Importance of Lodging your BAS’s on Time

The Australian Taxation Office (ATO) is introducing a change in how some businesses report their Goods and Services Tax (GST).

Starting in April 2025, businesses that have a history of non-compliance with GST obligations (e.g., late payments, late or incorrect lodgments) will be moved from quarterly to monthly GST reporting. This change aims to help these businesses stay on top of their tax obligations and improve compliance with the tax system.

The move to monthly reporting is intended to provide businesses with a more consistent and manageable approach to tax compliance. It allows the ATO to track GST payments and lodgments more closely, encouraging businesses to stay on top of their obligations. Businesses that are switched to monthly reporting can request to return to quarterly reporting after 12 months, provided they demonstrate improved compliance during that period.

However, businesses that have a good history of meeting their GST obligations can continue reporting on a quarterly basis. Additionally, businesses can voluntarily choose to switch to monthly reporting if they believe it will help them manage their cash flow better or improve their record-keeping.

Here is some things you can do to assist you in meeting your deadlines:

Reconcile your books regularly so it is not stressful at BAS time

We send out reminders pretty much a day or few days after the end of quarter so the best thing to do is to respond to us in a timely manner so we can process it on time – we need 2 to 3 weeks to turn around the job so leaving it till the last minute is not recommended

When we send the BAS sign and pay the ATO asap

You can read more about this on the ATO here https://www.ato.gov.au/businesses-and-organisations/corporate-tax-measures-and-assurance/our-focus-areas-for-small-business/building-good-habits/quarterly-to-monthly-gst-reporting