The most prevalent form of support is BAS accounting services or bookkeeping & BAS services, which are used by most small businesses as they start up and grow. It’s something that most start-ups don’t really comprehend. We can assist you by answering the following frequently asked questions to know more about BAS agent services and their responsibilities:
What Is BAS and How Does It Work?
The BAS reporting system was implemented in 2000 as part of a significant tax overhaul in Australia. The goods and services tax, or GST, was also introduced as a result of this reform. Businesses with annual sales of more than $75,000 are obliged by law to register for GST and file a BAS return. The most typical filing period is quarterly, at the end of each fiscal quarter (SEP 30, DEC 31, MAR31 7 30 JUN). It may appear hard at first, but by hiring BAS agent services, you can make things easier for your company.
Why Should You Hire a BAS Agent?
They have the authority to represent you and your company before the ATO in a variety of matters, including the following:
- Ensure that all sales and purchases are accurately recorded, and that all items are tagged correctly for GST (GST).
- If you need additional time to prepare your figures, submit a request for an extension to your submission date.
- Maintain your accounts and double-check that they match the information on your Business Activity Statement (BAS).
- Negotiate payment plans and ask for a reversal of late penalties or a reduction in the amount you owe.
- Paperless solutions can help you organise your business paperwork and keep track of your tax filings online.
BAS services are those that determine or advise a client’s liabilities, obligations, or rights under a BAS provision. It entails the creation, inspection, and filing of any financial data submitted as part of the BAS reporting procedure.
Preparation of the BAS
This includes checking transactional data for accuracy and conformity with BAs legislation, as well as doing any other measures required to finish your BAS reporting. The BAS allows you to report on goods and services tax (GST) in accordance with legal deadlines.
Lodgement of BAS
Refers to the process of filing numerous reports (BAS, IAS, etc.) that detail how much money you or your company earns as well as any other expenses.
Online BAS Agent Services
BAS agent online services refers to services provided by a licenced BAS/Tax agent that are completed utilising your MyGovID and the government’s online services for Agents site.
How Can You Tell If A Tax Preparer Is Licensed and Certified?
A BAS agent’s registration number must be displayed with the Tax Practitioners Board (TPB) Australia insignia. The TPB website allows you to check the validity of your registration.
Your Accounts Department is a TAX and BAS agent with numerous individually qualified BAs and Tax agents on staff. We’re here to assist you with all of your filing and reporting requirements.