Due dates, subject to available Tax Agent extensions :

Quarter End	Due Date
30 September	21 October
31 December	21 January
31 March	21 April
30 June	21 July

(Extensions may apply but please check with this Firm) 

BAS Basic Preparation Notes

Goods and Services Tax
Boxes beginning with  ‘G’ represent sections requiring information on GST transactions whether on taxable and non-taxable supplies, taxable and non-taxable acquisitions, and any adjustments applicable to supplies or acquisitions made in the period. 

Input tax credits are only available when a tax invoice is held. If the entity has elected to adopt accruals basis, GST must be remitted in relation to any supplies where an invoice has been issued, or any consideration has been received for the supply. Taxpayers reporting on a cash basis will remit GST in relation to any cash received within a period in relation to taxable supplies. 

Pay-As-You-Go withholdings
Boxes beginning with ‘W’ relate to PAYG withholdings. Small withholders are required to report withholdings on a quarterly basis and medium withholders on a monthly basis. Large withholders are required to remit withholdings on a weekly basis. 

Generally, small and medium withholders will pay PAYG withholdings electronically, unless other arrangements have been made. Large withholders must pay PAYG withholdings electronically.

Pay-As-You-Go instalments
‘T1’ through to ‘T4’ relate to PAYG instalments.  The taxpayer must calculate their instalment income for a quarter and multiply this amount by an instalment rate. The instalment rate can be the rate provided by the Tax Office, or a varied rate selected by the taxpayer. 

The first important step is to calculate instalment income.

If a partner in a partnership, or a beneficiary of a trust be very careful in applying or varying the ATO rate correctly, as the concept of instalment income is not straight-forward. -Call for help.

Penalties apply when a varied rate is used, and it is less than 85% of the lower of the rate provided by the Tax Office and a ‘benchmark rate’.

 PAYG instalments will appear on quarterly BASs only. Taxpayers that are required to lodge a BAS on a monthly basis will report PAYG instalments on every third BAS.

Taxpayers that are required to pay PAYG instalments and are not registered for GST will be required to complete an Instalment Activity Statement (IAS). 

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Fringe Benefits Tax instalments

Boxes beginning with ‘F’ represent the Fringe Benefits Tax (FBT) section of the BAS. The Fringe Benefits Tax instalments section must be completed by taxpayers with an annual FBT liability exceeding $3,000. Taxpayers required to lodge monthly BASs will report their FBT liabilities on every third BAS. 

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