Business Tax Return and BAS Lodgement
Setting up your business properly from the start helps avoid unnecessary legal and financial costs. If your business is registered for GST, you’ll need to lodge a Business Activity Statement (BAS) regularly. Your BAS is essential for reporting and paying:
- Goods and Services Tax (GST)
- Pay As You Go (PAYG) instalments
- PAYG withholding tax
- Other applicable taxes
When you register for an Australian Business Number (ABN) and GST, the Australian Taxation Office (ATO) will automatically send you a BAS form when it’s time to lodge. Many businesses use a registered tax or BAS agent to lodge and pay on their behalf electronically, simplifying the process.
Using a Registered Agent
If you work with a registered agent, they can manage your BAS through their preferred electronic system and access activity statements sent to your myGov inbox. You retain full access to your statements via the Business Portal or myGov, even if your agent handles lodgement for you.
Receiving Refunds
If you’re entitled to a refund, the ATO will deposit it directly into your nominated Australian bank account. This account should be held in your company or business name, either individually or jointly. While the ATO is improving payment options, currently refunds can’t be paid via PayID and aren’t processed in real time.
You can update your bank account details by contacting the ATO directly via phone.
If You Can’t Lodge or Pay on Time
We understand that sometimes you may face difficulties meeting deadlines. It’s important to contact the ATO as soon as possible before the due date if you can’t lodge or pay on time. They can work with you to find a solution.
Remember, even if you use a tax agent, the responsibility to meet lodgement and payment deadlines remains with you. Penalties may apply for late lodgement, so it’s better to lodge on time even if you can’t pay immediately.
If you can’t pay your tax debt by the due date, you may be able to set up a payment plan. The ATO offers an online payment plan estimator to help you work out affordable repayment options, understand interest charges, and plan how quickly you can clear your debt.
Fuel Tax Credits
Businesses registered for GST may be eligible for fuel tax credits, which help offset the fuel tax (excise or customs duty) included in the price of fuel used in:
- Machinery, plant, and equipment
- Heavy vehicles
- Light vehicles operating off public roads or on private roads
The amount of fuel tax credits depends on when you purchase the fuel, the type of fuel, and how it’s used. Since fuel tax credit rates change regularly, it’s important to check the current rates each time you lodge your BAS.
To claim fuel tax credits, your business must be registered for both GST and fuel tax credits.