A Business Activity Statement (BAS) is a tax lodgement that all sole traders are required to submit to the ATO on either a monthly or quarterly basis. A BAS declares GST and and enables the ATO to claim the GST that you owe to them, or pay the GST they owe to you. Doing your BAS is easy with Airtax.
Unsure if you need to do a BAS?
You will need to do a BAS if you are registered for GST. For more information on this, please click here.
Getting ready to start your BAS:
- Make sure you have an ABN registered for GST. Your ABN is the unique 11 digit number that identifies your business or organisation in Australia. If you already have an ABN but it’s not registered for GST or you don’t have an ABN at all, read here to get set up with an ABN.
- Sign up to Airtax or login if you already have an account with us.
Then you’re ready to complete your BAS:
- Select ‘new BAS’ from your dashboard.
- Select your frequency. Most sole traders choose a ‘quarterly’ BAS, which means you have to lodge your BAS less frequently. For information about the frequency of BAS, click here.
- Enter the income made under your ABN.
- You will then be prompted to enter your expenses (sometimes called ‘deductions’. Your expenses include anything you’ve spent money on for your business. We prompt you to enter any expenses you can claim back the GST on. You’ll also need to enter the proportion of that expense that you used for business purposes as a percentage.
- We will then show you a summary which explains the GST you owe to the ATO, or how much is payable to you.
- All you have to do then is submit your BAS and pay $49 for Airtax to lodge.
You can find out the processing times for BAS here.
If you are an Uber Driver:
- If you are an Uber driver, Airtax will automatically prefill your driver income (as well as tolls and member fees expenses) information into your BAS at the click of a button.
- For instructions on how to connect your Uber account with your Airtax account, please click here.
- If you are an Uber driver, you will receive your first BAS for free with Airtax when you connect your Airtax and Uber accounts.
- Check out this article to see an example BAS for a rideshare driver.
Tips and advice:
- You should keep records of business income and business expenses. You’ll need these for when you do your BAS.
- Make sure you are aware of the deadlines for the payment and lodgement of your BAS with Airtax. We list these for you here. Airtax will send you reminders before your BAS is due as well, to ensure that you never miss a deadline or receive a penalty from the ATO.
- We will make it easy for you to meet your tax deadlines by sending you reminders when you’re approaching the deadlines. You can review the list of deadlines here.
- Make sure you have the right proof for claiming GST. For example, in order to claim a GST credit for a purchase, you must hold a tax invoice for purchases greater than $82.50 (inc. GST). For information on this, please click here.
- If you want to familiarise yourself with what you can claim back the GST on, you can review these items here. Don’t worry though, Airtax will always prompt you to enter any relevant expenses related to your occupation.