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To avoid penalties and interest, it is important to file and pay your business activity statement in full and on time. Now, the question arises, can you still have time to lodge and pay your March quarterly BAS? Yes, you can file and pay BAS by 28 April to avoid interest and penalties.

What is Your Business Activity Statement?

If your business is registered for GST, you have to file a business activity statement (BAS). Your business activity statement (BAS) will make you able to record and pay your:

  • Goods and services tax (GST)
  • PAYG withholding tax
  • Pay As You Go (PAYG) instalments
  • Other taxes.

When you register for an Australian Business Number (ABN) and GST, the ATO will automatically send you a BAS when it is time to file.

What If You Can’t File and Pay BAS on Time?

If you find it difficult to file and pay BAS on time and in full, you should contact the ATO before the due date. Moreover, if you can’t file and pay BAS on time, then you may have to pay penalties known as the failure to lodge on time (FTL) penalty, issued by the ATO. Keep one thing in mind these penalties are not tax-deductible. If you don’t pay your BAS on time and in full, the ATO may:

  • issue a director penalty notice – it would make company directors personally bound
  • show your tax debt to credit reporting bureaus – it could affect your credit report and supplier relationships
  • send a garnishee notice to your financial institution suggesting them to make payment to the ATO to reduce debt.

Do You Need Extra Time to File and Pay?

If you file your March quarterly BAS through Online services for business, you could have an extra 2 weeks to file and pay. In addition to this, you could also get an extra 4 weeks if you file through a registered tax or BAS agent.

Pay Your Tax on Time

When you meet your tax obligations on time and in full, you can avoid paying unnecessary interest and penalties. Keeping that in mind, here are some suggestions you can follow to make your cash flow smooth and ensure you are paying your upcoming April-June quarterly BAS in full.

  • Set up a separate bank account for PAYG withholding, GST and employee super.
  • Avoid the temptation to use employee super, PAYG withholding, or GST as cash flow.

Take control of your cash flow now to avoid paying more than you need to – pay your taxes on time for your business. You can also receive support from a tax agent in Melbourne to pay your Melbourne business taxes on time. The tax professional can help you make strategies for your business if you are facing financial difficulties.

How to Lodge BAS?

There are various BAS lodgment options available, such as:

  • Lodge Online

Most businesses that file their own BAS prepare and file online. Filing your BAS electronically is a fast way, which means you:

  • can file at a time when it’s suitable for you
  • may get an extra 2 weeks to file and pay your BAS
  • could receive a faster refund
  • receive support to avoid mistakes
  • can review your BAS prior to lodging and check that the calculated amount is equivalent to what you expect to receive or pay.
  • Lodge through Your Tax or BAS Agent

A registered BAS agent or tax professional can file and pay your BAS on your behalf. When you receive help from registered BAS agent or small business accountants:

  • they can view BAS and reminder messages you received through their online services
  • you can even access your BAS via online services for business even if your agent is managing them for you.
  • Lodge by Mail

You can also mail your original BAS using the pre-addressed envelope given in your BAS package.

Conclusion

Now you know that you can still have the time to file and pay your March quarterly BAS by 28 April. For more information, you can also get in touch with our Reliable Melbourne Accountants.

More Useful Links:
Accountant Melbourne
Small Business Accountants

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