Late/Overdue Business Activity Statement Lodgment Help:
Sometimes small business owners get tangled up with running their business and ensuring that the business runs smoothly and in doing so lose track of their tax obligations. The result: an overdue or late Business Activity Statement (BAS). There is so much that business owners need to accomplish in a set limited timeframe that it may prove difficult to organise everything in a timely manner. Tax compliance, however, should be on the top of a small business owner’s task list, since there are hefty fines for late or overdue business activity statements. Such occurrences are punishable with heavy monetary fines and also court prosecutions. Given this, it is needless to say that you should ensure that business activity statements and essential lodgments are carried out in a timely and orderly manner. However, if you are in a situation where you have overdue or late business activity statements to be lodged and dealt with on an urgent basis, we are here to help. We have experience helping numerous people like you, who have many outstanding lodgments. We have also successfully avoided court proceedings without having the need to involve a tax lawyer. Below we have compiled some frequently asked questions.
Q.What are my options for lodging a Business Activity Statement?
A. There are many options for you to lodge your BAS. The options are;
- Lodge through a tax agent – This is the way we will lodge your BAS
- Lodge via a BAS agent – If you choose to go this way, they will not be able to assist with the lodgement of tax returns. Choosing to go with another provider may also prove to be more expensive than if you chose to go with a tax agent who is well versed in dealing with such circumstances in the first place
- Lodge by mail directly to the ATO – This lodgement process is very slow. If you were to do this by yourself, we recommend doing this via myGov.
- Lodge online through myGov, the ATO’s business portal or Standard Business Reporting Software – You would be required to carry out the bookkeeping and record keeping and ensuring the accuracy of your work
Q.What are the due dates for lodging your late/overdue BAS?
BAS’s would be due in accordance with the below dates regardless of whether you are on time, before time (in advance) or late. Therefore in regards to late business activity statements, we tend to involve the ATO quite early in the process and ensure that any proceedings are halted and in some cases we also try and organise an extension. Standard quarterly lodgement due dates are written below:
A. Standard quarterly lodgement due dates
| Quarter | Due date |
| 1 – July, August and September | 28 October |
| 2 – October, November and December | 28 February |
| 3 – January, February and March | 28 April |
| 4 – April, May and June | 28 July |
If you are reporting monthly, then the due date is usually the 21st of the following month.
Q.I have been fined by the ATO for non-lodgement of a late Business Activity Statement (BAS). How could I get the fine waived?
During our one on one consultation, depending on the circumstances we may be able to either suggest applying for a penalty remission to reduce the fine or get the fine waived. We will explain the process pertaining to this during our one on one conversation.
Q.I have been charged penalty interest, how could I get this waived?
Similar to the process of getting a fine reduced or waived, we need to apply to the tax office to either get this fine reduced or waived.
Q.Do you charge more for late/overdue BAS’s?
We have set standard fees for BAS lodgments. We do not charge extra in regards to the preparation of urgent or late/overdue Business Activity Statement lodgments. You will be paying the same fee that a standard BAS client would pay
Q.How do I pay for my BAS?
The quickest and simplest way to pay for your BAS is with BPAY via credit or debit card. You will need to quote your unique payment reference number (PRN).
You can also pay by other methods such as:
- EFT Transfer
- At an Australian Post Outlet
- Mailing your payment slip and cheque to the ATO
Q.I haven’t received my BAS refund yet. What’s happened?
After the ATO has processed your BAS, one of two situations will occur. Either you will owe the ATO money, or the ATO will owe you money, which is known as a refund.
There are some circumstances in which the ATO will not pay a refund which are noted below:
- It was used to offset an existing tax debt
- It’s being retained until additional information is provided
- Incorrect banking details have been provided
- There are outstanding activity statements which need to be lodged
We at A One Accountants have helped numerous clients with reducing the penalties and interest charged on late/overdue Business Activity Statements. We have also helped numerous tax clients lodge their overdue Business Activity Statements and correspond and deal with the ATO in order to avoid further proceedings without having to involve lawyers. Contact us for an obligation free meeting and discussion about how we can be of assistance to you with an overdue BAS situation affecting your tax obligations with the tax office.