The December 2024 BAS is due next month
The due date for lodging and paying your Business Activity Statement (BAS) depends on your reporting cycle and turnover. For businesses reporting quarterly, the BAS for the October to December 2024 period is due on 28 February 2025. This deadline applies to most businesses with a GST turnover of less than $20 million. However, if you lodge your BAS online, you may be eligible for an additional two-week extension, making the new due date 14 March 2025. It's important to note that this extension does not apply to the December quarter; the due date remains 28 February 2025.
For businesses that report monthly and have an annual turnover of $20 million or more, the BAS for December 2024 is due on 21 January 2025. However, if your turnover is under $10 million, you report GST monthly, and you lodge electronically, you may qualify for an extended due date of 21 February 2025 for your December BAS. This concession provides additional time to ensure accurate reporting and payment.
It's crucial to lodge and pay your BAS on time to avoid penalties. If you anticipate difficulties in meeting these deadlines, it's advisable to contact the Australian Taxation Office (ATO) before the due date to discuss possible arrangements. The ATO offers support for businesses facing challenges, including potential extensions or payment plans.
In summary, for the December 2024 reporting period, quarterly BAS submissions are due by 28 February 2025, while monthly submissions are due by 21 January 2025, with possible extensions to 21 February 2025 for eligible businesses. Staying informed about these deadlines and understanding your eligibility for concessions can help ensure compliance and avoid unnecessary penalties.
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