News

Paper Forms Phase Out - Changes to the ATO Activity Statement Procedure

In recent months you may have received a direct mail from the ATO warning that overdue and unlodged Business Activity Statements can lead to audits and heavy penalties.

The ATO are aggressively chasing timely lodgements and payments of debts and are unforgiving of business owners that use ignorance of lodgement deadlines as an excuse.

For the recent September 2014 quarter onwards, the ATO has changed its system of delivery for Activity Statements (BAS and IAS) in the attempt to reduce costs and streamline their services.  If yourself, your bookkeeper or your accountant lodges your Activity Statement electronically, you may not receive a paper Activity Statement for future periods.

For those clients that use the arrival of their paper Activity Statement as a reminder to lodge their BAS you will need to diarise a reminder on your computer, smart phone or wall calendar at the end of each quarter.

Remember your BAS and IAS due dates for lodgement are the 21st of each following month for businesses that lodge on a monthly basis, or 28th of the following month for quarterly lodgers.  A 4 week extension on these dates is generally available if you use the services of a Tax Agent/Accountant to lodge your Activity Statements.