The Australian Tax Office is reminding retailers that they need to lodge their quarterly BAS by Friday 28 February 2014, regardless of whether there is anything to actually to report.
“With the next quarterly BAS due on 28 February 2014, Australian businesses need to plan for timely and accurate lodgement, even if there is nothing to report or the business may not be able to pay straight away,” said deputy commissioner Steve Vesperman.
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Figures provded by the ATO show that 2.5 million businesses lodged BAS during the 2013 financial year and that 58 per cent of those did so via the ATO’s online portal. There is also now an ATO app, which is available for Apple, Android and Windows Phone handsets.
“Lodging your BAS on time and paying in full by the due date simplifies your business operations and avoids unnecessary interest charges and penalties such as the failure to lodge (FTL) on time penalty.
“Experience shows the problem gets bigger and harder to resolve if businesses avoid making early contact with the ATO. We urge all businesses to take action now, make the BAS deadline a priority and contact the ATO early if you cannot pay on time to help minimise interest charges.”