Help! I Haven’t Completed my BAS or Paid Superannuation
Successfully running a business involves dealing with an extensive range of responsibilities, from ATO reporting obligations to keeping on top of employee entitlements. Two responsibilities commonly prone to error are business activity statements (BAS) and employee super guarantee payments. Fortunately, if you forget to pay BAS or super, a business lawyer from Access Law Group can help.
Author: James Welch
17 August 2022
When are BAS Statements Due?
Your business may need to complete business activity statements (BAS) to report on taxes and pay GST, PAYG instalments and other taxes. Quarterly BAS statements (for businesses with a GST turnover of less than $20 million) are the most common and are due on the 28th day after the BAS period. For example, April to June 2022 quarter is due on the 28th of July 2022.
What Happens if I Forget to Lodge BAS Statements?
Forgetting to lodge a BAS statement isn’t the end of the world. However, if you repeatedly breach the due dates, you may be subject to penalties. These are calculated based on the size of your business, turnover and each 28 day period for which the BAS statement is overdue.
The ATO will take into account unique circumstances and provide warnings prior to penalties being applied, including to you if you are a director of the company at the time. You can also enter into a payment agreement to meet your obligations. It’s a good idea to seek business legal advice to discuss your options for reducing penalties.
Missed and Late Super Guarantee Payments
Businesses must pay super into their employees’ nominated fund every quarter. The super guarantee quarterly due date cannot be extended by law. This means that if you do not pay an employee’s super on time and to the right fund, you must lodge the superannuation guarantee charge (SGC) statement with the ATO and pay the SGC to them to avoid penalties.
The ATO takes strong compliance action against employers who fail to meet their super guarantee obligations, including against you if you are a director of the company at the time. However, they often reduce or waive penalties if there ais a genuine attempt to meet obligations. Seeking advice from a firm with specialists in corporate and business law can help you determine the best approach to meeting these obligations and avoiding penalties.
Business Legal Advice in Wollongong, Camden and Sydney
At Access Law Group, our team of corporate and business law specialists assists our clients in managing legal issues across a broad cross section of areas. Seek advice from a business lawyer in Wollongong, Camden or Sydney today by calling 02 4220 7100 or contacting us online.