Brand new business-do we need to do BAS?

[Educentric]

Hi there
We've just started a company (19/6/12) and we registered for GST on the 25th of June. We did not make any 'sales' until after the new financial year started, however we did purchase a number of items after the 25/6 and before the end of the financial year as part of our setting up the home office (you know, furniture, computers etc) and therefore we paid some GST as part of purchasing these.
We have no employees - we are working directors and to date we have not paid ourselves anything.

Our dilemma is - do we have to submit a BAS statement by the 28th of this month?

Hoping someone out there will know the answer...

Thanks
Cheryl from Educentric

[JacquiPryor]

Hi Cheryl,

Hopefully an accountant will also come along and confirm this - but I would say yes you will still need to submit your BAS by 28 July, for the month of June (or quarter of April/May/June depending on your reporting frequency). If you have made no sales since registering for GST and have only made purchases, then in theory you will get the GST component back as a refund from the ATO once you file your BAS.

[Couple It]

Yes, you still need to submit a BAS for the June quarter - just put zeros where there was no sales and enter your purchase figures, then look forward to your refund.

Wendy

[ntgd]

Hi Cheryl,

Your GST registeration date mean you are required to lodge the BAS for the June 2012 quarter. The due date is 28 July if you are doing it yourself.

You can register to use the Business Portal from the ATO which allow you to lodge your BAS electronically and you may also qualify to have 2 week extension time for you to lodge your BAS.

You having no sales just mean you put $0 on the Sales and GST on sales boxes.

Since you did incurred costs and therefore entitled to GST refund as a result, why wouldn't you want to lodge the BAS?

As you have not taken any wages, so $0 for wage and PAYG as well.

Also, your company will also need to lodge a company tax return as well, which will show a small loss that you can carry forward to this financial year to offset your profit for the 2013 financial year.

[Accountonme]

I disagree with Wan though; you have to lodge, regardless that you have nil Sales.
Yes you have to lodge your BAS for the period April -June 2012, with Nil Sales as indicated by in the previous replies.
Distinguish your capital purchases from the other purchases. I hope your are aware of the most beneficial legislation




Anne

[ntgd]

Originally Posted by Bookkeeper Easts Subs

I disagree with Wan though;

Anne

Anne,

What are you disagreeing with me with?
I mentioned the BAS needed to be lodge and put $0 with the sales related boxes on BAS.

[Educentric]

Thanks for your help everyone. I suspected that I might have to do a BAS and you've all confirmed it.

Thanks again
Cheryl