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PKF Tasmania

Chartered Accountants and Business Advisors

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Explaining the importance of your March BAS

The March 2020 business activity statement (BAS) will be one of the most important that your business has done. If you need to lodge your March BAS electronically, to speed up the processing time, we have the technology to prepare the BAS and arrange your signing without you leaving your home.


The March BAS is important because a major part of the Federal Government’s support measures for small business is a tax free credit on the BAS. The amount received has reference to the amount of PAYG withholding that a business makes. The maximum amount will be $50,000 on the activity statements due to be lodged during April to July inclusive. There will be further entitlement to credits on the additional activity statements due to be lodged between April and October, which is equal to the credits on the earlier activity statements.


There are now also total minimum credits of $20,000 which are available to businesses which pay wages but have a low (or zero) amount of PAYG withholding. The first instalment of $10,000 will be received where an activity statement due to be lodged in April to July records employee payments with less PAYG withholding than would generate $10,000 in credit.


To read more about the Federal Government’s business support measures click here.


The sooner the March BAS is lodged, the sooner any net refund can be received. We have the technology to prepare your BAS and facilitate lodgement to claim your credit without you leaving your home.

 

Please let us know if we can help you with your March BAS.

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