Did you know that you can save time by lodging your BAS statement online?
There are a number of things to take into consideration before being able to do this and sometimes it can be very confusing to know where to start. In this blog we will explore what you need to know about lodging your BAS online.
How do I register to lodge my BAS online?
If you run your family day care business as an individual or sole trader then you can register for online BAS services using the MyGov Portal.
If you however run your business as a company then you will need to register through the business portal.
You can find more information on how to do this by using the links below:
What are the benefits for lodging my BAS online?
It is so much easier lodging your GST or BAS statement online as you can do this at any stage during the day given access is available 24/7. You can also access the portal from a number of different devices if you are a sole trader or individual. It is a little more complicated when you run your family day care business as a company as your access might be restricted to a particular device. You will also need to manage your ABN connection through MyGov or an AusKey. You can find out more information on how to get an AusKey by clicking on the link below.
What is an online BAS statement?
A Business Activity Statement is a reporting method for communicating and paying outstanding taxes related to your family day care business. Depending on your circumstances this could include a combination of the following:
- goods and services tax (GST)
- pay as you go (PAYG) instalments
- PAYG withholding tax
- other taxes
If you have registered your family day care business for GST then you need to lodge a business activity statement (BAS).
Generally, when you register for an Australian business number (ABN) and GST the ATO will automatically send you a BAS statement when it is time to lodge. Lodgement dates will depend on the type of registration that you have signed up for.
What are the due dates to lodge my BAS online?
If in any doubt you can find the the due date on your business activity statement (BAS).
If the due date is on a weekend or public holiday, you have until the next business day to lodge and pay.
Your GST reporting and payment cycle will generally be one of the following and it depends on how you have been set up for GST.
- Quarterly – if your GST turnover is less than $20 million – and we have not told you that you must report monthly.
- Monthly – if your GST turnover is $20 million or more.
- Annually – if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies)
The due date for each quarter is as follows:
Quarter 1: July, August, September – 28 October
Quarter 2: October, November, December – 28 February
Quarter 3: January, February, March . – 28 April
Quarter 4: April, May, June – 28 July
The due date for annual GST reporters is as follows:
The due date to lodge and pay your annual GST return is 31 October.
If you aren’t required to lodge a tax return then the due date is 28 February following the annual tax period.
Note: Due dates might vary if you lodge your BAS with a Tax Agent. Please contact your Tax Agent to find out how this might impact you.
How can TopFormz be used to lodge my GST online?
TopFormz is a day care accounting software package that enables family day care educators to record their income and expenses as they shop. This includes accounting for the GST on these transactions. The income and Expense summary provides information needed to submit or lodge your BAS statements online. For more information refer to our blog on how to get your BAS statement ready to lodge.
We do however suggest consulting with one of our Tax Partners to ensure that you have the necessary tools to lodge your own BAS return.
I have some more questions
A registered tax or BAS agent can help you lodge your activity statements and will be able to help with any questions that you have.
Feel free to reach out to one of our Tax Partners to assist you.