Questions and Answers for BAS-I.C free and easy small business accounting.
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Q: Am I reading this correctly BAS is only completed quarterly? We currently do ours on a monthly basis.
A: For most small business < $20 million turnover yes... according to the ATO "If you have a GST turnover of $20 million or more, you must report and pay GST monthly .... Other businesses may choose to report GST monthly." See www.ato.gov.au or-annual-GST-return/Options-for-reporting-and-paying-GST/ Monthly-GST-reporting/