Small Business / GST

FAQ Category

FAQs - Small Business/GST

What happens if I lodge my activity statement late?

If your business's gross income is less than $75,000, you are not required to register for GST or pay
BAS. BAS payment is only necessary for businesses that charge GST.

Do I have to lodge and pay activity statements if I earn under $75,000?

No – you only have to pay BAS if you charge GST; and the income threshold for this is $75,000. So if
your businesses’ gross income is less than $75,000, you won’t need to register for GST or pay BAS

Do sole traders have to pay BAS?

Sole traders are required to pay BAS only if their gross income exceeds $75,000 and they meet the
eligibility criteria.

How are GST late fees calculated?

Late fees for GST are determined by the number of days payment is overdue, excluding public
holidays, and your business turnover. Payment of the fee will stop once paid.

How long does a BAS refund take?

Your refund may take up to 12 business days to process. In case you have any outstanding debts or
lodged after the standard due date, the processing time may be longer.

What happens if you forget to charge GST?

Unfortunately, you still have to pay the 10% amount from the point that you should have been
charging GST. This will mean that you’ll lose out on 10% of invoices paid over $75,000 as you haven’t
been charging the GST.

Do I report my superannuation guarantee obligations via my activity statement?

No – superannuation guarantee reporting is done separately.

We are here for you.

We offer Accounting, Taxation And Bookkeeping Services for our clients in Melbourne's Outer Eastern Suburbs. With a wealth of experience, and depth of knowledge, across a wide range of sectors, TAS will work with you to determine the best path forward for your business.