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BAS stands for Business Activity Statement.
The Australian Taxation Office or ATO requires that businesses regularly submit business activity statements to report their tax obligations. These can include GST, pay-as-you-go withholding (PAYGW), pay-as-you-go instalments (PAYGI), fringe benefits tax (FBT), wine equalisation tax (WET) and luxury car tax (LCT).
We offer an additional service called Lightening Lodgment.
You can choose from 1 of 2 lodgment options:
Self-serve: Simply lodge your BAS or tax from your Thriday account with our automated reporting.
Accountant-assisted: A premium service where a specialist tax agent will review your BAS or tax submission before it's lodged and contact you if any changes are required. This choice is perfect for more complex businesses or businesses submitting their first BAS.
You can use your accountant if you'd prefer. simply export the documents you need from your Thriday account for your accountant to process.
Using Thriday to lodge your BAS can save you a huge amount of time!
If you choose the accountant-assisted option, one of POP’s experienced accountants will help you minimise losses and maximise returns.
Not at this stage. You need to use your Thriday transaction account, receipt scanning and invoicing features so Auto Accounting has the data to, more accurately, estimate your income and expense position.
GST registration is required for businesses with gross income (excluding GST of 10%) of $75,000 or more. If you are a not-for-profit, the turnover requirement is $150,000.
GST registration is a requirement in some industries like ride-share (taxis, Uber, Ola etc.)
You’re only required to lodge a BAS once your business is registered for GST.
Self-serve BAS will be lodged within 48 hours, and accountant-assisted BAS will be lodged within seven days.
NOTE: if you request either service within seven days of the BAS due date, a lodgment extension of 21 days from the due date will be requested/submitted to the ATO by a POP accountant. An extension can only be requested if lodgment is not more than three days overdue. For example, if the due date is 25th May, an extension needs to be requested/submitted on or before 28th May.
It doesn’t get any easier!
The combination of transactions, bookkeeping and accounting, fully integrated into a single solution, and the POP Business partnership gives Thriday the unique ability to streamline the BAS lodgment process as no other accounting platform can.
Like everything we do at Thriday, the BAS lodgment services we offer are designed to save you the maximum amount of time.
You’re required to report and lodge a quarterly BAS with the Australian Taxation Office (ATO) if your GST-related income exceeds or is likely to exceed $75,000.
Your BAS should include your business revenue and any Goods & Services Tax (GST) on your sales and expenses.
If GST-related expenses exceed GST-related sales, you will have a GST refund. Conversely, if sales exceed GST-related expenses, you will have GST-Payable.
Employee wages and PAYG withholding tax are also reported in your BAS. The withholding tax will be added to the GST.
By lodging your BAS through a registered tax agent via Thriday, you can get one additional month to make payments which can be great for cash flow.
Simply choose 1 of 2 BAS lodgment services from within your Thriday account and follow the instructions provided.
It can be beneficial to lodge shortly after the reporting period to get the credits if you’re in a GST-refundable position.
If you’re in a GST-payable position, you can lodge on the due date and delay payment until then.
You can choose one of two options:
BAS Lodgment due dates are:
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