Global Daily Tax News, Australia Issues Guidance On Upcoming BAS Filing, (Feb 14, 2025)

The Australian Taxation Office has issued advice for businesses, with the October-December business activity statement deadline approaching.

The ATO said taxpayers should observe the following:

• Taxpayers should enter the correct figures for their obligations at the correct label, and only complete fields that apply to them;

• Taxpayers should enter whole dollar amounts, leave cents out, and don't round up to the next dollar;

• If a taxpayer has nothing to report for the period, they may lodge a "nil" BAS online by selecting "Prepare" and then "Prepare as nil", or they may call the agency's automated service any time of the day;

• If a mistake was made in the last BAS, instead of lodging a revision, taxpayers may be able to fix the issue in the current BAS. For example, taxpayers can use label 1A to adjust GST on sales, label 1B to adjust GST on purchases, or label 7C if fuel tax credits have been claimed for fuel that has subsequently been sold, lost, or disposed of; and

• Taxpayers can also use their BAS to vary an instalment amount.

The ATO said: "You won't be able to get extra time to lodge this quarter as everyone gets eight weeks to lodge. However, if you lodge your next quarterly BAS online, or through a registered tax or BAS agent, you may be able to get an extra two or four weeks to lodge and pay."

"If you still receive paper BAS, update your ATO communication preferences from 'paper' to 'online'. Online statements are generally available one week after the generation date, but it may take up to 3 weeks to receive your BAS by post. You will also receive other correspondence more quickly from us, receive less paper and save the time it takes to file these documents," the ATO added.