The ATO has been stepping up its compliance programs to increase on time lodgement and payments by all taxpayers of their tax obligations and liabilities. One recent update from the ATO indicated that from 1 April 2025 it will look to place non-complying small business to monthly BAS reporting. Currently, small businesses have the ability to reduce their administrative costs by only submitting and lodging their BAS on a quarterly basis for GST or even an annual basis if their turnover is low enough.
This update from the ATO indicates that if businesses lodge a BAS late, miss or are late with payments or incorrectly report their GST they may be moved to monthly reporting for GST. The ATO claims this will assist small businesses by developing better habits and make reporting easier if done more regularly, however for many small businesses it could lead to additional time and/or costs being allocated to administration involved in preparing the BAS.
If you need assistance with your BAS lodgements or have any queries, please do not hesitate to contact us.
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