When to Lodge: BAS Due Dates 2024

For Australian business owners, staying on top of your Business Activity Statement (BAS) lodgement is essential for handling your financial obligations and compliance with the Australian Taxation Office (ATO). Missing a BAS deadline can result in penalties and other charges, so it’s vital to understand BAS due dates as well as the process of lodging and paying your BAS. This guide will cover everything you need to know about these BAS due dates for 2024, including how to lodge and the available options for businesses using a tax agent.

What is a BAS?

Before we dive into the BAS due dates for 2024, it’s important to know what a BAS is. The BAS is a statement that businesses must submit to the ATO to report and pay their tax obligations, including Goods and Services Tax (GST), Pay As You Go (PAYG) instalments, PAYG withholding, and other taxes. You only need to lodge a BAS when you have registered for GST, and you are only required to register for GST when your business’ expected gross income (excluding the GST of 10%) is equal to or more than $75,000 in GST turnover.

Depending on your business’s annual turnover, you might have to lodge a BAS monthly, quarterly, or annually, with due dates relating to the annual tax period.

When Are the Lodgement Due Dates for Quarterly BAS?

BAS lodgement usually occurs every quarter for small businesses. By knowing the specific dates of when to lodge BAS for each quarter, you can plan to make certain that you’re always on time. The BAS due dates for 2024 are:

Quarter 1 (July – September 2023)

• Original due date: 28th October 2023
• Extended due date with a tax agent: 25th November 2023

Quarter 2 (October – December 2023)

• Original due date for December BAS: 28th February 2024
• Extended due date with a tax agent: 28th March 2024

Quarter 3 (January – March 2024)

• Original due date: 28th April 2024
• Extended due date with a tax agent: 26th May 2024

Quarter 4 (April – June 2024)

• Original due date: 28th July 2024
• Extended due date with a tax agent: 25th August 2024

These are the standard due dates for quarterly reporting periods; it’s important to mark these dates on your calendar to ensure that your business remains compliant. Doing this will help you keep track of your lodgement deadlines and ensure the timely submission of your activity statements.

Monthly BAS Lodgements

For businesses that lodge BAS every month, the due date is the 21st day of the month following the reporting period. Businesses with a GST annual turnover of $20 million or more and a proportion of smaller businesses are usually allowed to report monthly voluntarily. For example, the due date for the July monthly BAS is on the 21st of August following the taxable period.

Annual BAS Lodgements

Different dates apply for businesses that lodge BAS annually, with it usually coinciding with the date of their annual income tax return. For small businesses with a turnover below certain thresholds, the ‘annual GST return’ allows them to report GST annually, with important due dates for lodging and paying the return.

Non-for-profit organisations have a higher GST reporting threshold, which impacts their annual reporting responsibilities.

The ATO determines the specific due date for annual BAS lodgement, and may vary depending on your business’s circumstances. Typically, it falls on the 31st of October, but make sure to always confirm with the ATO or your tax agent for your specific due date.

How to Lodge BAS: 3 different ways

Now that you know when to lodge BAS, the next step is understanding how to lodge and pay BAS correctly. There are several methods available for lodging your BAS:

1. Online via the ATO Business Portal

For a convenient way to lodge and pay your BAS online, you can use the ATO’s Business Portal. Here, you can create an account and link your business to the portal using your Australian Business Number (ABN). After you’ve set it up, you can lodge your BAS, view past submissions, and manage other tax obligations.

2. By Mail

Although this method is less common nowadays, you can still lodge your BAS by mail. To do this, you must complete the form and mail it to the ATO before the due date. Remember that this can take longer, so allow time for postal delays.

3. Through a Tax Agent

Consulting a registered tax or BAS agent can be useful if you’re still unsure about how to lodge and your business’s tax situation is complex. A tax agent will lodge BAS on behalf of your business. These agents often have extended due dates for lodging, giving you more time to prepare your statements. Additionally, a BAS agent can assist with your lodgement process, ensuring all required information is correctly submitted to the ATO.

BAS Due Dates Tax Agent Extension

By hiring a tax agent, you may be eligible for extended BAS due dates, making it beneficial for businesses that need extra time to organise their financial information. As mentioned earlier, the standard quarterly BAS due dates are extended by approximately four weeks when lodged through a tax agent. This means you can avoid penalties while ensuring your BAS is lodged correctly.

What Happens if You Miss a BAS Due Date?

Penalty amounts for missing a BAS due date will depend on how late the lodgement is and the size of your business. The ATO may charge interest on any unpaid tax liabilities, which can add up quickly if not addressed.

It’s important to act quickly if you realise that you’ve missed a BAS due date. Make sure you lodge your BAS as soon as possible to reduce any of the penalties, and if you can’t pay the full amount owed, contact the ATO to discuss payment arrangements.

Four Tips for Managing BAS Lodgements

Avoid all of the last-minute stress involving penalties and due dates by considering the following tips for managing your BAS obligations:

1. Set Reminders

Make note of the BAS due dates in your calendar to stay on top of your reporting and payment cycle. This will ensure that you are organised and aware of the upcoming deadlines.

2. Keep Records

Make BAS preparation easier by maintaining accurate and up-to-date financial records throughout the year. Regularly keeping your accounts and tracking expenses will also help you avoid errors when it’s time to lodge.

3. Review Past BAS Lodgements

By reviewing past BAS lodgements, you can identify the patterns or common errors you’ve made in previous statements. This is helpful if you’re inexperienced with the lodgement process, or if the financial situation of your business is now different from the previous statement.

4. Consult a Tax Agent

When managing BAS lodgements feels overwhelming, consider consulting a registered tax agent. They can provide expert advice, lodge BAS on your behalf, and ensure you’re taking advantage of any available extensions or deductions.

Stay on top of your BAS reporting

As an Australian business owner, it’s essential to understand when and how to lodge BAS to ensure you are maintaining compliance with the ATO and avoid any nasty penalties.

Owning and operating a successful small business is a full-time job, and not everyone is a naturally born and talented accountant. By utilising the assistance of a tax agent, you can ensure that your BAS is always lodged accurately and on time.
Since 2007, Shoebox Books and Tax has been assisting many small business owners with their affordable tax packages. This gives every small business owner peace of mind, knowing like-minded people support them. If you’re struggling with your figures, contact Shoebox Books for more information.