Due dates for lodging and paying your BAS 2024-25

Are you struggling to keep up with Business Activity Statement (BAS) deadlines? To avoid penalties and keep your business compliant with the Australian Tax Office (ATO), it’s important to lodge your BAS on time.

In this guide, our expert bookkeepers in Melbourne will walk you through everything you need to know to stay on top of your BAS obligations for the 2024-25 financial year, whether you lodge monthly, quarterly, or annually.

What is BAS?

BAS is a tax report businesses submit to the ATO to report and pay their tax obligations. It’s a crucial part of the tax system for businesses of all sizes and ensures that your business complies with Australian tax laws.

BAS is used to report on several key tax areas, including:

• Goods and Services Tax (GST)
• Pay As You Go (PAYG) withholding
• PAYG instalments
• Fringe Benefits Tax (FBT) and other taxes.

If you’re new to BAS or want to brush up on the basics, this guide on BAS for small businesses is a great resource.

How often do you need to lodge your BAS?

The frequency of your BAS lodgment depends on your business turnover and ATO registration details. Generally, businesses fall into one of the following categories:

• Monthly lodgment: Required for businesses with a GST turnover of $20 million or more.
• Quarterly lodgment: The most common option for small to medium-sized businesses with a turnover below $20 million.
• Annual lodgment: Available for businesses with a turnover below $75,000 (or $150,000 for not-for-profits) who have voluntarily registered for GST.

Monthly BAS Reporting requirements

Important Notes:

• If a due date falls on a weekend or public holiday, you have until the next business day to lodge and pay.

Quarterly BAS lodgment and payment deadlines

Important Notes:

• Quarter 2: The due date already includes a one-month extension; therefore, no additional time is provided for online lodgment.
• Online Lodgment Extensions: Lodging your BAS online can grant you an extra four weeks for quarters 1, 3, and 4.

Weekends and Public Holidays: If a due date falls on a weekend or public holiday, you have until the next business day to lodge and pay.

Annual GST reporting and due dates 2024-25

Compliance is simplified if your business qualifies for annual GST reporting by requiring only one yearly lodgment. To be eligible, your GST turnover must be below $75,000 (or $150,000 for not-for-profits), and you must be voluntarily registered for GST.

Key Dates for 2024-25:

• With an income tax return: Lodge and pay by 31 October 2025.
• Without an income tax return: Lodge and pay by 28 February 2026.

You must switch to quarterly or monthly reporting if your turnover exceeds $75,000 during the year. Check with your tax agent for any extensions that may apply. Annual reporting is a great way to reduce admin for smaller businesses while staying compliant.

Understanding key tax terms is essential for any business owner—take this quick quiz on tax terms to test your knowledge!

Key extensions and exceptions

What happens if you miss a BAS deadline?

The ATO offers extensions and exceptions to help businesses meet their BAS obligations. Lodging electronically often provides an extra two weeks for quarterly BAS (except quarter 2).

Registered tax or BAS agents can access extended deadlines through the BAS Agent Lodgment Program or request deferrals for unforeseen circumstances. Additionally, the ATO grants automatic extensions in cases such as natural disasters.

If a due date falls on a weekend or public holiday, lodgment is allowed on the next business day.

Correcting errors on your BAS

If you notice an error on your BAS, minor issues can often be corrected by adjusting your next BAS. You may need to revise the original BAS through the ATO’s online portal for more significant errors or those spanning multiple periods.

Addressing errors promptly helps keep your records accurate and reduces the risk of penalties. If you’re unsure how to correct the mistake, consulting a registered tax or BAS agent for assistance is always a good idea.

For more tips on staying stress-free during tax time, check out our guide to hassle-free tax management.

Need help with lodging your BAS?

Let Maximum Business Solutions take the stress out of your BAS lodgment. As trusted bookkeepers in Melbourne and certified tax agents, we ensure your BAS is accurate and lodged on time.

Call us today on (03) 9589 0128 or submit an enquiry to connect with our expert team. Simplify your bookkeeping today!