Quarterly BAS, IAS & Superannuation Guarantee

🧾 Quarterly BAS, IAS & Superannuation Guarantee

In Australia, many small to medium-sized businesses and employers report and pay their tax obligations on a quarterly basis. This includes:

•      Business Activity Statements (BAS) — for GST and PAYG instalments
•      Instalment Activity Statements (IAS) — for PAYG instalments or withholding (where not registered for GST)
•      Superannuation Guarantee (SG) contributions — for employee super

📆 Quarterly Reporting Periods & Due Dates

📄 What Must Be Reported

1. BAS (Business Activity Statement):

•       GST (Goods and Services Tax) collected and paid
•       PAYG Instalments (business income tax prepayments)
•       PAYG Withholding (if you withhold tax from employee wages)
•      Other taxes (e.g. FBT instalments, luxury car tax if applicable)

2. IAS (Instalment Activity Statement):

•      Used by businesses that do not report GST
•      Primarily covers PAYG instalments and PAYG withholding

3. Superannuation Guarantee (SG):

•      Employers must make SG contributions
•      Due quarterly by the same dates as BAS
•       Must be paid and received by the employee’s super fund by the deadline

⚠️ Penalties for Late Lodgment or Payment

•      Failure to Lodge (FTL) penalty: From $313 per 28-day period late (per obligation), up to $1,565 for small businesses.
•      Super Guarantee Charge (SGC): If SG is paid late, it becomes non-deductible and attracts interest and admin fees.
•      General Interest Charges (GIC): Applied to late payments.

✅ Tips to Stay Compliant

•      Use accounting software (like Xero, MYOB, or QuickBooks) to automate reminders and pre-fill BAS data.
•      Ensure payroll systems are up to date for accurate SG and PAYG reporting.
•      Lodge electronically for faster processing and confirmations.
•      Work with a registered tax or BAS agent to gain extra time for lodgment if needed.