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Lodge your BAS with TMS Financials
Lodging your Business Activity Statement (BAS) is an important aspect of managing your business tax affairs, including the accurate tracking of sales, expenses, and compliance with the regulations of the Australian Taxation Office (ATO). Our team supports you in handling these responsibilities effectively, ensuring compliance with laws related to Goods and Services Tax (GST), PAYG withholding tax, and other tax obligations.

We help you manage your GST responsibilities, managing PAYG instalments, and advising on tax credits and deductions. By working with us, you ensure your BAS is handled efficiently, enabling you to concentrate on your business objectives. This support extends to advising on fuel tax credits, luxury car tax, and wine equalisation tax, among others.

Why choose TMS Financials

Streamlining your business financial management

Good financial management is crucial not just for meeting tax requirements, but for maintaining your business’s overall financial health. Our role is to assist you in understanding the financial impacts of your business activities, particularly how they relate to your obligations under Australian tax laws. We provide clear advice to help improve your financial performance, ensuring you make decisions that are not only smart for your business goals but also compliant with legal requirements.

Extended BAS Lodgment Deadlines

At TMS Financials, we understand the importance of precise and timely lodgment of your Business Activity Statements (BAS). By partnering with us, you gain the advantage of extended deadlines, allowing more time to ensure your BAS is accurate and complete. For detailed information on specific lodgment dates, please visit the Australian Taxation Office’s (ATO) BAS due dates page.

Professional ATO Representation

When TMS Financials represents your small business with the ATO, it enhances the confidence the tax office may have in your compliance. Our experienced tax agents provide professional representation, which can help streamline your interactions with the ATO and reduce the likelihood of audits or detailed examinations.

Lodge your BAS with TMS Financials

Our team at TMS Financials specialises in providing personalised tax solutions tailored to your unique situation. We can help you navigate through the complexities of tax planning, identify the most effective strategies for your situation, and ensure you maximise your tax savings.

We’re an Australian tax accounting firm with 30+ years of experience serving business owners and investors. Our reputation for reliability and exceptional client service is built on providing accurate financial advice and asset protection. We remain committed to serving our clients with integrity, professionalism, and quality, and have the expertise to help you succeed.

TMS Financials is online now

We are a Sydney based tax accounting firm servicing clients Australia wide online since 1993

Eng Sivieng

Principal of TMS Financials

We strive to build long-term relationships with our clients and to be a trusted advisor for all their financial needs.

Lodging Your Business Activity Statement (BAS)

Your Business Activity Statement (BAS) is essential for reporting your tax obligations and includes key dates for lodgment and payment. The frequency of your BAS submissions depends on your GST turnover, which is linked to your business’s yearly income.

Here’s what you need to know about BAS lodgment schedules based on your business’s revenue:

For businesses with an annual turnover of more than $20 million

These businesses are required to submit their BAS monthly, in line with Australian Taxation Office (ATO) rules. Submissions are due within 21 days after the month ends.

Quarterly Lodgment Deadlines

BAS submissions are due by the 28th day after the quarter ends. For the 2024 financial year, the deadlines are 28 July, 28 October, 28 January, and 28 April. If these dates fall on a weekend or public holiday, the next business day is your deadline.

Monthly Lodgment Deadlines

You must submit your BAS by the 21st day of the following month. For example, in 2024, the deadlines are 21 February, 21 March, 21 April, and so on until 21 January 2025. If a deadline falls on a weekend or holiday, the following business day is your new deadline.

Annual Lodgment Deadline

For those eligible for annual reporting, your comprehensive yearly BAS is due by 28 February 2025. If you work with a registered tax or BAS agent, you might have different deadlines, so it’s wise to check with your agent or the ATO.

Small businesses with a turnover under $10 million, even if eligible for annual BAS reporting, are required to make quarterly payments for Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, fuel tax credits, and possibly, wine equalisation tax.

You can manage your BAS through the ATO’s online services. Ensure your Australian Business Number (ABN) is accurate and current. To stay compliant with the Tax Practitioners Board, use the proper accounting methods and ensure the accuracy of your BAS figures.

Your BAS isn’t just a formality, it’s a crucial tool for managing various taxes related to your business size and type, including income tax and services tax.

Disclaimer

The information provided in this article is for general guidance purposes only and should not be considered as personalised tax advice. It is recommended to consult with a qualified tax professional to assess your specific situation and determine the most suitable tax planning strategies for your needs. 

Contact us today for a consultation.

Contact us today to learn more about how our accounting services can benefit your business. We look forward to hearing from you and helping you achieve financial success!

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