BAS Due Dates for 2024/2025: Essential Information for Australian Businesses
As we navigate the financial landscape in Australia, understanding the due dates for Business Activity Statements (BAS) is crucial for businesses and their accountants. At Ample Finance, we are committed to providing timely advice and support to ensure compliance and avoid unnecessary penalties. This article outlines the key BAS due dates for the 2024/2025 financial year.
What is a BAS?
A Business Activity Statement (BAS) is a form used by businesses to report and pay a range of tax obligations to the Australian Taxation Office (ATO), including Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, and PAYG instalments. Depending on the business’s reporting cycle, the due dates for BAS submissions can vary.
BAS Reporting Periods
Businesses can choose from several reporting periods when submitting their BAS:
- Monthly: This option is typically for larger businesses or those with annual GST turnover exceeding $10 million.
- Quarterly: Most small to medium-sized enterprises opt for quarterly reporting, particularly if their GST turnover is less than $10 million.
- Annually: Some businesses, such as those that are not registered for GST or have an annual turnover below the GST registration threshold, may submit an annual BAS.
Key Due Dates for BAS Submissions in 2024/2025
Here are the BAS due dates for the 2024/2025 financial year:
Quarterly BAS Due Dates:
- Q1 (July – September 2024): Due on 28 October 2024
- Q2 (October – December 2024): Due on 28 February 2025
- Q3 (January – March 2025): Due on 28 April 2025
- Q4 (April – June 2025): Due on 28 July 2025
Monthly BAS Due Dates:
- July 2024 BAS: Due on 21 August 2024
- August 2024 BAS: Due on 21 September 2024
- September 2024 BAS: Due on 21 October 2024
- October 2024 BAS: Due on 21 November 2024
- November 2024 BAS: Due on 21 December 2024
- December 2024 BAS: Due on 21 January 2025
- January 2025 BAS: Due on 21 February 2025
- February 2025 BAS: Due on 21 March 2025
- March 2025 BAS: Due on 21 April 2025
- April 2025 BAS: Due on 21 May 2025
- May 2025 BAS: Due on 21 June 2025
- June 2025 BAS: Due on 21 July 2025
Special Considerations
- Extensions: If you lodge your BAS through a registered tax or BAS agent, you may be eligible for an extension of time to lodge and pay.
- Penalties: Failing to lodge on time can result in significant penalties, so it is essential to stay diligent with deadlines.
- Record Keeping: Proper record-keeping practices will ensure that your BAS is accurate and filed on time. Using accounting software can streamline this process.
Conclusion
Staying on top of BAS due dates is crucial for your business’s compliance and financial health. At Ample Finance, our expert team of accountants is here to help you navigate your GST obligations and ensure timely lodgement of your BAS. If you have any questions or need assistance in preparing your BAS, please do not hesitate to reach out to us.
For further inquiries or to set up an appointment, visit our website or Contact us directly. Let Ample Finance handle the complexities of your accounting needs so you can focus on what you do best — running your business.
