For a lot of small business owners, the BAS deadline is a recurring source of stress. It doesn't have to be. Most of the panic comes from leaving everything to the last week, not from the lodgement itself.
What a BAS actually reports
Your Business Activity Statement tells the ATO how much GST you collected, how much GST you paid, and often your PAYG withholding and instalments. The difference between GST collected and GST paid is what you owe or get refunded.
Keep your books current
The single biggest cause of BAS stress is out-of-date bookkeeping. If your accounts are reconciled through the quarter, your BAS is mostly a matter of pressing a button. If they're months behind, you're reconstructing a quarter of activity under time pressure.
Set the money aside as you go
The GST you collect isn't yours to spend. Moving 10 percent of each payment into a separate account as it comes in means the money is there when the BAS falls due, rather than something you have to find.
Know your deadlines
Quarterly BAS is generally due about four to six weeks after the quarter ends, and lodging through a registered agent often gives you extra time. Late lodgement attracts penalties and interest, so the dates are worth putting in your calendar.
The bottom line
A BAS is only stressful when you leave it to the last minute with messy books and no money set aside. Stay current, quarantine the GST, and it becomes routine. If it's a recurring headache, handing it to someone who does it every day is usually money well spent.
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