Before going into the details of BAS agent services, it is important to understand what exactly is meant by BAS and what purpose does it serves.
What is BAS?
When you are in business in Australia, you need to abide by all legal rules and regulations as per law of the land. In Australia, all businessmen who have been registered for an ABN i.e. Australian Business Number, and also for GST, will be required to lodge a Business Activity Statement (BAS).
The Australian Taxation Office (ATO) will automatically send you a BAS as and when it is due to lodge.
According to ATO, BAS is a tax reporting requirement that all businesses are issued by them on a monthly or quarterly basis for reporting:
- Goods and Services Tax (GST)
- Pay As You Go (PAYG) installments
- PAYG Withholding tax
- Other tax obligations
Lodging of the above details as per the schedule and without any wrong information can be a cumbersome procedure. As such it is always better to take the help of a registered BAS agent who qualifies all the requirements of the Tax Practitioners Board (TPB) for registration.
It is quite sensible to hire the services registered tax agents i.e. BAS agents as only they can help businesses in determining all business and tax obligations and lodge BAS to the Australian Taxation Office (ATO).
BAS agent services
As per TPB, only a licensed BAS agent can advise or represent the client to the taxation office and render services in accordance with the ATO.
BAS agent services include:
- advising clients about their obligations coming under BAS provisions, such as:
- GST
- Various taxes like fuel tax, luxury car tax, wine equalization tax (WET)as well as fringe benefits tax (FBT)
- Pay As You Go (PAYG) Withholding
- PAYG installments
- Preparing and lodging all the prescribed forms stating liabilities, obligations or entitlements of clients under BAS provisions
- Representing and dealing with ATO on behalf of clients regarding their obligations under BAS provisions.
- Represent clients on all the aspects of the Taxable Payments Annual Reporting system
In addition, a registered BAS agent or Tax agent is capable of designing and setting up a perfect compliance system for businesses and can help clients review their operations in the area of laws that may serve as a certainty of proper and smooth business functions.
The BAS agent services are not restricted to the submission of reports and compliance to ATO only. They can also offer services on the behalf of clients as required by the Tax Practitioners Board, such as:
- Employees’ payroll calculation and lodging their income statements with ATO, employee termination payments, claimed expenses, and allowances besides other taxable and non-taxable payroll details
- Superannuation guarantee in relation to the payroll
- Preparing and lodging a proper annual report of taxable payments with the ATO
- Applying for an Australian business number (ABN) to the Registrar, whenever required
In order to provide BAS agent services to businesses in Australia, lot many bookkeeping and BAS agent service providers are there.
When you need the most methodical, experienced, and trustworthy provider for all kinds of low costing BAS agent services, rely on the expertise of Microchilli Bookkeeping and Advisory in Australia.
Contact Microchilli Bookkeeping and Advisory, with confidence and trust, to fulfill your BAS-related needs efficiently.
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