Small business owners may find the Business Activity Statement (BAS) process very complicated, especially when the financial year is ending. Planning your financial activities with professional support from an accounting firm in Perth makes the business activity statement steps much simpler. This guide teaches you the basic tools you need, the errors to avoid and the advice from experts to ensure you manage your BAS and GST duties properly.
A Business Activity Statement (BAS) is a return lodged with the Australian Taxation Office (ATO) to report and pay tax on most of the tax obligations. These generally comprise Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, PAYG instalments, fringe benefits tax (FBT), wine equalisation tax (WET), and luxury car tax (LCT).
GST-registered businesses have to lodge a BAS statement Australia on a monthly, quarterly, or annual basis, depending on turnover and ATO reporting requirements.
The due dates for lodgement of BAS filing 2026 in Australia vary depending on your reporting period:
If you’re lodging with a registered BAS or tax agent, you can qualify for an extended due date.
Don’t miss BAS due dates, as this will incur penalties and interest. Stay on top of the lodging dates.
Your BAS will contain the following items, depending on your business requirements:
Ensure the amounts reported are based on up-to-date, accurate financial records. Cloud accounting software like Xero or MYOB can make this much easier.
Here is a quick 10-step BAS checklist Australia to assist you in preparing and lodging your BAS accurately:
Need help? A registered BAS agent or an accountant for small businesses can lodge and get it done right and as required.
Preparing your Business Activity Statement (BAS) properly and on time is essential to remaining within the Australian Taxation Office (ATO) regulations. If you’re a new company or need to refresh, this BAS lodgement guide takes you through how to do your BAS in 2026 correctly.
From having your records readily available to lodging via the ATO portal or registered agent, each step has been taken to prevent mistakes, penalties, or omitted business tax deductions.
The initial and most crucial thing in lodging your BAS for small business is to have all appropriate financial records available for the reporting period. These are:
With cloud solutions for accounting for business, such as Xero, MYOB, or QuickBooks, you can make this process easier by having it all within one system. Reconcile your bank accounts so that you can have current books.
GST (Goods and Services Tax) is usually 10% of the value of taxable goods and services sold. Go through all sales made in the reporting period and determine the GST paid by customers.
In accounting software, this will usually be shown in the GST reporting. Be sure to exclude GST on input-taxed or GST-free sales, such as some healthcare or financial services.
Then, work out GST on business expenses and purchases, or input tax credits. They are GSTs you have paid on:
Once again, your accounting software can give you a list of these transactions. Claim only credits where you have proper tax invoices, and the purchase was for business purposes.
If you have employees, you need to withhold tax from their salaries and claim it in your BAS as PAYG withholding. To calculate:
This amount should equal that in your Single Touch Payroll (STP) system. STP reporting simplifies the reporting process, but you will still have to report PAYG withholding on your BAS unless you are exempt.
You’ll report and pay an amount of your anticipated yearly income tax if the ATO has told you that you are liable for PAYG instalments. You can:
It’s up to you, depending on your cash flow and your variable income. Talk to a tax agent if you’re not sure which is best.
If your company uses fuel in machinery, equipment, or vehicles, you can receive fuel tax credits. The conditions for eligibility are as follows:
ATO changes credit rates periodically, so refer to the recent rates on the ATO website prior to lodging. Include the claim in the proper part of your BAS. These practices also support your financial year-end strategies.
Before you start filling in your BAS form, it’s vital to cross-check all calculations with the help of a BAS Agent Perth. Mistakes can trigger audits or result in penalties. Here’s how to verify:
Accuracy here saves a lot of trouble later. Follow the small business EOFY guide strictly for better results.
Now that your BAS is prepared, you can start lodging your BAS with the help of a business advisory Perth agent. There are a few choices:
Be sure to proofread the final copy before you submit it. When you click submit, the lodgement is recorded with the ATO. You must confirm compliance with the ATO.
The business tax lodgement method you use will determine your due date:
If in doubt, review your lodgement cycle via your ATO online services or contact your registered BAS accountant agent.
Once you’ve lodged, it’s time to pay the BAS. You pay by:
The BAS form will tell you how much you owe or whether you’re entitled to a refund. General interest charges (GIC) will apply if you don’t pay on time, so arrange payment prior to the due date.
If you’re suffering cash flow difficulties, telephone the ATO to arrange payment arrangements prior to the due date to prevent a penalty. Don’t forget the June 30 tax deadline as you plan your payments and deductions.
Simply paying and submitting your BAS is not the end of the process. By law, your BAS records must be saved for five years.
It is best to hold your records digitally and physically in case you are reviewed or audited by the ATO. Cloud storage is useful for storing backups for a long period. Seek help from a business consultant in Perth to set up efficient systems that meet EOFY reporting requirements.
The use of the right software helps businesses complete their taxes more accurately and quickly. Xero, MYOB and QuickBooks Online are among the top platforms that provide useful features for business accounting.
If you work with Professional bookkeepers for small business, these tools can keep your records correct and current all year round.
Most also support direct BAS and GST reporting through ATO’s online services, making business tax lodgement easier and more accurate.
Mistakes in BAS can still happen, even with careful management. Accounting services Perth providers have found that some businesses often make many of the same mistakes.
Keeping up with your year-end accounting checklist and using professional software or advisors can help you stay aligned with ATO compliance.
Even if you make errors, your BAS doesn’t have to lead to fines. If you notice an error after submitting your work:
Getting advice from a BAS Agent in Perth or professional accounting services will help you with the correction process. Moving quickly prevents additional problems and keeps your business tax professional documents in good order.
A lot of small businesses find it useful to work with a registered BAS Agent or an Accounting Firm in Perth. Here’s why:
Having a business consultant Perth or a business advisory Perth expert helps significantly during complex times, such as during EOFY planning.
Operating a business under BAS requires attention all year round. Adhere to these EOFY tax planning tips to get ready for unexpected events.
Managing a small business and the end of financial year checklist at EOFY is easier with proper record management tips. Looking for good bookkeeping services can make life easier for small business owners.
Also read: EOFY Accounting Tips: What Every Australian Business Should Do Before June 30
It becomes easier to file your BAS if you follow a proper process and have the right assistance. Following these steps means you’ll be following the ATO’s rules and keeping your finances organised.
Our skilled team in Perth is available to help with BAS, GST, creating financial statements, or preparing for June’s EOFY tax return preparation. Palladium Financial Group experts can help you reach your goals every quarter, but most importantly at EOFY.
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