Wednesday, 12th March 2025
From April 1st, the Australian Taxation Office is implementing a significant change to Business Activity Statement (BAS) reporting requirements that could affect thousands of small businesses across the country.
From April 1st, the Australian Taxation Office is implementing a significant change to Business Activity Statement (BAS) reporting requirements that could affect thousands of small businesses across the country. Currently, most businesses with an annual turnover under $20 million submit their BAS quarterly. However, under this new approach, businesses with a history of non-compliance will be required to report monthly instead.
The ATO's new measure targets businesses that have: a) Missed tax payments b) Lodged their BAS late and c) Have been identified as reporting GST incorrectly. This change could impact a wide range of small business operators, including:
Financial experts estimate this could affect as many as 30% of small businesses nationwide.
If you're moved to monthly reporting, you could face:
While the ATO frames this change as a way to help businesses develop better reporting habits, the additional administrative burden comes at a difficult time. If you receive a notification, consult with your local ITP Queensland professional and their Bookkeeping.solutions specialists to find the best way to manage this obligation while minimising the impact on your business operations and costs. Bookmark this page and let’s have a chat!