If a business goes over a certain threshold, Business Activity Statement (BAS's) and Instalment Activity Statements (IAS's) may be required to be lodged a monthly basis. Bizgro is a BAS agent and can lodge your BAS/IAS's. You will be required to lodge your BAS on a monthly basis, if your GST turnover is $20 million or more. You may elect to lodge your GST on a monthly basis if it is less. If your yearly PAYG (tax deducted from employee's wages) is more than $25000, then you will be required to lodge your PAYG on a monthly basis.
For 50% of our clients, we lodge a quarterly and a IAS monthly. As a result, their lodgment programme would look like this. This includes the extension that we receive since we are BAS agents
To lodge your GST on a monthly basis, The thresholds are to report on a monthly basis is if you GST turnover is $20 million ore more
No extensions are received for monthly BAS/IAS's that are required to be lodged. Fines can be received for BAS's/IAS's that are not lodged on-time. For a small entity, the penalty is calculated $210 per 28 days it is late. This is calculated up to 5 periods that are late.