What is the penalty for lodging your Business Activity Statement (BAS) late? The penalty is increasing from $110 to $170 from 28 December 2012. This represents an increase of over 50% which is quite substantial. This is not the only imposition. General interest charges also apply if you owe the Australian Taxation Office money and it remains unpaid. This applies regardless of the nature of the liability. It may well be an income tax or PAYG liability or even a PAYG instalment.
BAS Agents generally receive another month to lodge a BAS electronically. The deadlines for the BAS are 28 February, 28 April, 28 July and 28 October. The one month extension for BAS Agents is given to allow BAS Agents to complete all their lodgements. Sometimes it pays to use a BAS Agent if you have not been able to lodge your BAS return on time.
Unfortunately, the reality of life for successful small business owners is that there is just not enough time to do your own bookkeeping as well as achieve sales growth at the same time. The cost of hiring a bookkeeper is small compared to the lost opportunity of winning a new client. New sales opportunities present themselves every day and only those business owners devoted to acting quickly on leads will succeed in securing new clients.
A professional bookkeeper can also eliminate the mistakes made in the preparation of the BAS. These include claiming GST credits on items for which no GST applies and under reporting sales to which GST applies. The penalties for such errors can be significant.