BAS & IAS Lodgement

ITP Queensland are professionals in helping businesses navigate their Business Activity Statements (BAS) and Instalment Activity Statements (IAS) with confidence. With over 50 years of experience, our dedicated team ensures that Queensland businesses maximise their returns and stay compliant throughout the year. More Power to your Business, Queensland!

Benefits of Preparing with an ITP Professional

Maximising Refunds
All customers benefit from our expertise in maximising refunds and minimising liabilities.
100% Satisfaction Guarantee
Satisfaction Guarantee ensuring your BAS and IAS preparation meets your expectations.
Year-round Support
Year-round support and representation with the ATO.
Professional Knowledge
Professional knowledge tailored to various industries and circumstances.
Lodgement Options
Flexible lodgement options: In-Office, Virtual, Phone, or Online.
Professional Advice
Proactive advice to minimise audit risks and maximise deductions.

Considerations and Tips

  • Business Activity Statements (BAS) typically cover GST, PAYG withholding, and other tax obligations.
  • Instalment Activity Statements (IAS) help businesses manage their income tax instalments.
  • Deadlines for lodgement vary depending on your reporting cycle. It's crucial to meet these deadlines to avoid penalties.
  • Late lodgement penalties may apply if BAS or IAS are not lodged on time.

Preparation and Lodgement

  • In-Office or Virtual appointment options available for efficient BAS and IAS preparation.
  • Online support to answer all your tax questions and review your statements.
  • Experienced accountants ensure accurate preparation and lodgement of BAS and IAS.

Documents to Share

  • Tax invoices issued and received.
  • Records of sales and purchases.
  • Bank statements.
  • Credit card statements.
  • Expense receipts.
  • Employee payment summaries.
  • Income and expense records for GST.

Income vs Expenses

  • Income reported on BAS includes sales, other business income, and GST collected.
  • Deductible expenses include business purchases, operating expenses, and GST paid.
  • Accurate reporting ensures businesses claim the correct GST credits and maximise deductions.

Next Steps after Lodgement

  • Typically, refunds are processed within 14 days, but it can take up to 30 days in some cases.
  • ITP provides assistance during audits and helps communicate with the ATO.
  • Amendments to BAS and IAS can be lodged if errors are identified within the required timeframe.

Important Dates

Quarterly BAS due dates depend on your reporting cycle. IAS due dates align with quarterly PAYG instalments.

The due dates for Quarterly BAS submissions are typically:

  • Quarter 1 (July - September): Due by 28th October
  • Quarter 2 (October - December): Due by 28th February
  • Quarter 3 (January - March): Due by 28th April
  • Quarter 4 (April - June): Due by 28th July

Frequently Asked Questions

Are there penalties for late BAS lodgement?
The ATO may apply penalties for late BAS lodgement. It's important to meet deadlines to avoid these penalties.
Can I lodge BAS if I haven't received all invoices?
Yes, you can lodge based on estimates and make adjustments later.
What is a Business Activity Statement (BAS), and who needs to lodge it?
A BAS is a form used by businesses to report and pay various tax obligations to the Australian Taxation Office (ATO), such as GST, PAYG withholding, and other taxes. Businesses registered for GST typically need to lodge a BAS quarterly or annually, depending on their turnover.