Blog · Small business
BAS and GST basics for small business
Your Business Activity Statement (BAS) is how you report GST, PAYG withholding and PAYG instalments to the ATO. Get it right and it's a quick quarterly job. Get it wrong and the penalties and interest add up.
Do you need to register for GST?
You must register for GST once your business's GST turnover reaches $75,000 a year ($150,000 for non-profits). Taxi and ride-share drivers must register from the first dollar, whatever their turnover. Below the threshold, registering is optional, and it can still make sense if your customers are mostly GST-registered businesses.
What goes on a BAS
- GST: the GST you charged on sales, minus the GST credits on your business purchases.
- PAYG withholding: tax withheld from your employees' wages.
- PAYG instalments: prepayments towards your own income tax, if the ATO has put you in the system.
Quarterly due dates
- July to September: 28 October
- October to December: 28 February
- January to March: 28 April
- April to June: 28 July
Lodging through a registered tax or BAS agent can often give you extra time under the agent lodgement program.
Tips that save money
- Keep a tax invoice for every purchase over $82.50 including GST, or you can't claim the credit.
- Set aside the GST you collect in a separate account. It isn't your money.
- Reconcile your bank feeds every week or fortnight, not the night before the BAS is due.
- Can't pay in full? Lodge on time anyway and talk to us about a payment plan. Failing to lodge is penalised separately.
We prepare and lodge BAS for Sunshine Coast businesses every quarter, and we'll tell you what you owe before it's due.