.svg){kind=icon}
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).
There’s an added fee each time you submit your BAS or tax directly from Thriday to the ATO.
The reason for this is because a registered tax agent needs to be responsible for the submission. We’ve partnered with POP¹ to provide this service as registered tax agents.
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.
Yes, your Thriday subscription costs are tax-deductible as a cost of doing business.
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.
According to the ATO, Small businesses (with an aggregated annual turnover of less than $50 million) may be able to deduct an additional 20 per cent of the cost incurred on business expenses and depreciating assets that support their digital adoption, such as cloud-based services.
According to the ATO: For eligible expenditure incurred between 7:30 pm AEDT 29 March 2022 until 30 June 2022:
For eligible expenditure incurred from 1 July 2022 until 30 June 2023:
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:
About UsReviewsPricingRoadmapBlogMember storiesMediaCareersRegister ABNPartner ProgramLegal and PrivacyThriday acknowledges the Traditional Owners of Country throughout Australia and recognises their connection to land, water and community. We pay our respects to them and their cultures, and to Elders past, present and emerging.
.svg)
