Quarter 4 business activity statements are due on 28 July

Remember to lodge your business activity statement (BAS) before you lodge your business’s tax return.

If you lodge your BAS quarterly, there’s one thing you can do to make things easier for yourself this tax time: make sure you’re up to date with your BAS lodgment for the financial year (including your quarter 4 BAS) before you lodge your tax return.

This will help with:

• reconciling your figures – the amounts you report in your BAS will affect what appears in your tax return
• ensuring your records are accurate before you prepare your tax return
• avoiding discrepancies.

Check out ATO’s updated BAS and GST tips for more tips to help you get your GST right, and prepare and lodge your BAS, including:

• record keeping and invoicing tips
• how to avoid manual errors for GST
• tips when completing your BAS
• how to fix a mistake or make an adjustment.

If you’ve had nothing to report and have been lodging ‘nil’ BAS for a while, consider whether you should cancel your GST and other registrations. You’ll stop receiving BAS and reminders if you no longer need to lodge a BAS. However, make sure you’ve met all your tax and super lodgment, reporting and payment obligations before you cancel them.

Remember, you may receive more time to lodge and pay if you lodge online or through the RA Advisory registered tax or BAS agent.

Source: ATO