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Missed the 28 February quarterly BAS deadline? The ATO can help

05 March, 2014

Most businesses lodge and pay on time with over 1.3 million BAS lodgements received by the due date for the last quarter.

If you haven't yet lodged, you may be missing out on a credit, or you could be accruing penalties and interest charges. The good news is it's not too late to get help if you need it.

"Every business is different and there may be a range of reasons for not lodging on time such as short-term financial difficulty, challenging business conditions, and unexpected events. Depending on your business circumstances, we may be able to offer payment arrangements or a remission of the general interest charge," says Deputy Commissioner Steve Vesperman.

"However you must contact us as soon as possible and have the arrangement in place before we contact you."

Remember that even if you have nothing to report, you still need to lodge a nil activity statement. If you have an amount owing, you can use the Payment arrangement calculator to get an idea of how quickly you may be able to pay it off.

On the flip side, during the 2012-13 financial year 20 per cent of BAS lodgements were entitled to a credit. If you're expecting a credit this year, remember to check your bank details are up to date when you lodge.

Tip 

It's never too early to get organised. If you think you're likely to have difficulty lodging and paying your BAS for future quarters, get in touch with us before the due date and you may be able to get an extension to lodge and avoid the failure to lodge penalty.

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