It's important to lodge and pay your business activity statement (BAS) in full and on time to avoid penalties and interest (currently 11.34%) that compounds daily.
If you don't pay your BAS in full and on time, we may:
- issue a director penalty notice – this would make company directors personally liable
- disclose your tax debt to credit reporting bureaus – this could impact your credit report and supplier relationships
- send a garnishee notice to your financial institution advising them to pay your money to us to reduce debt.
Follow our tips to pay your tax on time and save.
Need extra time to lodge and pay?
If you lodge your March quarterly BAS via Online services for business (or myGov if you're a sole trader), you could get an extra 2 weeks to lodge and pay. You could also get an extra 4 weeks if you lodge through a registered tax or BAS agent.
Experiencing financial difficulties?
Your tax or BAS professional can help you work out the best strategies for your business, or help if you're experiencing financial difficulties. You can also contact us if you need support.