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Lodging Your Last BAS: Important Dates and Common Questions

As the financial year comes to a close, it's crucial for businesses to stay on top of their obligations, including lodging their business activity statements (BAS) accurately and on time. At Wis Australia, we understand the importance of meeting deadlines and providing accurate financial information. In this article, we will discuss the key dates for lodging your BAS and address common questions regarding mistakes and amendments.

Important Dates for BAS Lodgement:

Your last quarterly BAS for this financial year is due on 28 July. It's essential to pay attention to the due dates mentioned on your BAS. If the due date falls on a weekend or public holiday, you have until the next business day to lodge and pay.

Your GST reporting and payment cycle will be one of the following.

Quarterly Reporting: If your GST turnover is less than $20 million and you are not required to report monthly, you may be eligible for an additional two weeks to lodge and pay your quarterly BAS.

A later lodgement and payment due date does not apply for quarter 2 because the due date already includes a one-month extension.

Monthly Reporting: Businesses with a GST turnover of $20 million or more must report and pay GST monthly, with the due date being the 21st day of the following month. For example, a July monthly BAS is due on 21 August.

Annual Reporting: Voluntarily registered businesses with a GST turnover under $75,000 ($150,000 for not-for-profit bodies) must lodge and pay their annual GST return by 31 October.

* Please note that these dates may vary if you use a registered tax or BAS agent.

Avoiding Penalties:

Failure to lodge your BAS on time can result in penalties. The penalty amount depends on the size of your entity and the time elapsed since the due date for lodgement.

Small entities: A penalty of one unit is calculated for every 28 days (or part thereof) that the return or statement is overdue, up to a maximum of 5 penalty units.

Medium entities: Medium entities incur double the penalty units. A 'medium entity' is a medium withholder for PAYG withholding purposes or has assessable income or current GST turnover of more than $1 million and less than $20 million.

Large entities: Large entities face a penalty multiplied by five. A 'large entity' is a large withholder for PAYG withholding purposes or has assessable income or current GST turnover of $20 million or more.

Significant entities: For significant global entities, the base penalty amount is multiplied by 500. FTL (failure to lodge) penalties for significant global entities apply to an entity that fails to lodge an approved form required to be given at a date that is on or after 1 July 2017.

Q & A:

Q: How can I correct mistakes on my BAS?

A: If you've made an error on your BAS, it is important to rectify it promptly. Differentiating between correcting mistakes and making adjustments is essential.

Mistakes involve inaccurate amounts reported at the time of submission, such as typographical errors or misclassification of taxable and GST-free sales or purchases.

Adjustments occur when accurate reporting was made initially, but subsequent events changed the reported GST amounts.

To correct errors, you can either adjust them in the next BAS or modify the original BAS, depending on the type of error (credit or debit). Most GST and fuel tax credit errors can be corrected in the next BAS, while substantial changes may require filing an amendment form.

Q: Can I apply for a two-week lodgement concession for my activity statements?

A: The two-week lodgement concession applies to activity statements for the standard quarters ending 30 September, 31 March, and 30 June with an original due date of the 28th of the following month. However, it does not apply to monthly activity statements, monthly GST payers with quarterly PAYG instalments, head companies of consolidated groups, large business clients with substituted accounting periods, or clients with a different original due date.


At Wis Australia, we are committed to assisting businesses with their accounting needs. As the lodgement deadline for the last BAS approaches, it is essential to stay informed about important dates and understand how to rectify any mistakes. If you require professional accounting services or have any questions regarding BAS lodgement, feel free to contact us. We are here to help you ensure compliance and maintain accurate financial records for your business.


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