Temporary exemptions from lodging your Business Activity Statement (BAS) online have now ended and the Australian Taxation Office (ATO) will no longer issue paper activity statements.
The ATO previously granted some clients a temporary exemption from lodging their monthly BAS electronically. This exemption was for taxpayers who were lodging monthly activity statements by paper and having their tax professionals lodge quarterly activity statements electronically on their behalf. The exemption was in place to allow for the transition to lodging online.
Paper statements are often used by taxpayers as a reminder of their BAS lodgment due date. If you currently rely on receiving a paper BAS to remind you of the need to lodge, you won’t be able to rely on this any longer. You can find out BAS lodgment and payment dates on the ATO website. If you suspect that you’ll have difficulty remember when to lodge, we suggest using an app such as the ATO app which can notify you of key dates.
Keep in mind that the late lodgment of a BAS attracts a $250 fine from the ATO.
If you would like to discuss your lodgment options, or need assistance to set up an ATO Business Portal account, please contact Matthew McTighe at our office. Matt can be reached on 07 3831 1055 or at [email protected].
DISCLAIMER: The information on this website and the links provided are for general information only and should not be taken as constituting professional advice from Hall Browns Accountants. You should consider seeking the appropriate legal, financial, or taxation advice to check how the website information relates to your unique circumstances.