Missed the GST Reporting Deadline? Don’t Worry, We Have You Covered with a 4 Week Extension

Are you a small business owner?

Did you just realize that you missed the GST Reporting deadline eg, the BAS (Business Activity Statement) deadline? Don’t worry, we’ve got you covered with a 4-week extension.

As all business owners know, bookkeeping and filing taxes can be complex and time consuming, but it’s an important task that must be done accurately and on time.

With the extended deadline, you have a few extra weeks to get your BAS sorted without any penalties.

In this blog post, we will explain what the BAS is, the consequences of missing the deadline, and how to make use of the 4-week extension.

See link for ATO Due dates – Due dates for lodging and paying your BAS | Australian Taxation Office (ato.gov.au)

 

 Understanding BAS and its Deadline

The BAS is an important document that business owners must complete and lodge with the Australian Taxation Office (ATO).

It is used to report the business’s tax obligations, including GST, PAYG withholding, FBT , and tax instalment obligations.

The deadline for submitting the BAS is usually 28th of July for standard reporting.

However, as a BAS Agent, we have an additional four weeks to complete and lodge the BAS on behalf of our clients.

Bookkeeping plays a crucial role in ensuring accurate and timely completion of the BAS, see our site for details  Bookkeeper Frankston – Clients Needs Bookkeeping.

 

Reasons for Missing the BAS Deadline

Missing the BAS lodgement deadline can happen to the best of us.

Whether you were swamped with other tasks, had unexpected health issues, or simply forgot?

There are various reasons why you may have missed the deadline.

As a business owner, it’s easy to get caught up in the day-to-day operations, leaving the important tasks like BAS lodgement to fall behind.

However, it’s important to note that the ATO takes BAS lodgement seriously and may impose penalties for late submissions.

But don’t fret, as mentioned earlier, the ATO is granting a four-week extension to assist those who use a BAS Agent so contact us at Contact Us – Clients Needs Bookkeeping.

 

A 4-Week Extension on the Horizon

If you’ve missed the BAS deadline, don’t panic just yet.

The ATO provides a four-week extension for lodgement and payment of your BAS when lodging through a BAS Agent.

If you’re struggling to catch up, don’t hesitate to call us. We’re here to help get your BAS sorted and keep your business compliant.