If you’re a small business and you find yourself in the situation where you have no transactions to report to the Australian Taxation Office (ATO) on your Business Activity Statements (BAS) – did you know you still have to let the ATO know?

You can lodge a “Nil Activity Statement” in the same way you would normally lodge an activity statement with transactions and a balance payable or refundable, or you can phone the ATO on 13 72 86 and lodge your Nil Activity Statement over the phone using the automated service.

If you fail to lodge an activity statement, even when you have no payment obligation, you may be penalised…and no-one wants that!

Regards