BAS Agent

Overview.

Whether you’re a small business owner or a large corporation, you have certain tax obligations that need to be met each year. The range of taxes you’re required to pay depend largely on:

  • the nature of your business
  • the size of your business
  • the number of employees you have
  • the benefits that you provide to them
  • the types of goods and services you deal in
  • the primary location where your business is registered
So that a proper tax assessment of your business can be made, and to report and pay those taxes, you’ll need to complete a Business Activity Statement (BAS) and submit it to the Australian Tax Office (ATO). Alternatively, you can use the services of a registered BAS Agent to do this for you.

What is a Business Activity Statement (BAS)?
When you register for an Australian Business Number (ABN) and GST, you’re automatically sent a BAS when it is time to lodge. The BAS is essentially a tax reporting requirement for businesses which is issued by the ATO on either a monthly or quarterly basis. It’s used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other tax obligations.

All businesses registered for GST are required to lodge a BAS by the due date.

The role of a BAS Agent.

You can either try and do your BAS yourself or you can take advantage of the range of services a registered BAS Agent can provide.

Your BAS Agent will:

  • Prepare financial reports for the preparation and lodgement of your BAS
  • Provide advice to clients assisting them to comply with the Goods and Services Tax (GST) regime and related legislation
  • Calculate employee superannuation guarantee payments
  • Calculate fuel tax rebates, PAYG and PAYI instalments
  • Calculate Fringe benefit tax (FBT), Luxury car tax (LCT) and Wine equalisation tax (WET)
  • Liaise with the client’s tax agent/accountant in regard to income tax compliance issues
  • Participate in the formulation and monitoring of budgets and cash flow projections
  • Assist in the collection of accounts receivable by the business
How a BAS Agent can help your business.

On top of the stresses of running a business, some people find having to do their BAS to be one more overwhelming tasks of business ownership. Along with being difficult to prepare, it can take away your focus on more important business tasks, or worse still, eat into your personal time!

It is complicated process and unless you’re an expert, there’s a chance you’re probably going to pay more than you have to. Or you could mess it up entirely and underpay your taxes, which the ATO is not a big fan of. In fact, if you misreport information on your BAS, you could find yourself paying fines on top of your outstanding taxes.

Registered BAS agents were introduced as part of reforms in the Tax Agent Services Act 2009. It created a clear set of training, experience and professional standards a bookkeeper must achieve to offer BAS services for a fee or other reward.

This was done because prior to this, any untrained and unskilled person could buy bookkeeping software and declare themselves a bookkeeper and offer BAS services. And although it seemed to be a convenient fit with the other services bookkeepers provide (and that bookkeepers were cheaper than Tax agents), it wasn’t technically illegal.

Nowadays, stricter penalties along with recent prosecutions (accompanied by hefty fines) apply for unregistered bookkeepers advertising or providing BAS services.

The upside to all this is that you can be confident you’ll receive the quality of work you require from professional, competent bookkeepers like Being Accountable.

Being Accountable is a registered BAS Agent.

It makes sense to use Being accountable — we are bookkeepers and BAS Agents. By setting up and maintaining your financial recording and reporting systems, we have all your financial information at our fingertips, all correctly recorded, prepared and available when it’s time to lodge your BAS.

As a registered BAS agent, you can be sure Being Accountable:

  • Has completed a relevant, recognised accounting and/or bookkeeping course (like the Certificate IV in Bookkeeping).
  • Is bound by a strict code of conduct and their registration is terminated if there is misconduct.
  • Undergoes continuous professional development.
  • Has professional indemnity insurance that protects you financially if we makes an error, omission or some other act.
  • Has developed over 1,000 hours relevant work experience in the three years before registering.

You can be sure Being Accountable has the skills, experience and knowledge to produce your BAS documents accurately, correctly, professionally, on time and in your best interests!

Additionally, you can be confident Being Accountable will prepare your BAS in accordance with ATO expectations so that you get the maximum benefits and avoid fines or penalties. As a bonus, BAS agent have an extended period of time to lodge BAS, which allows you more time to get your paperwork in order for us to lodge on your behalf.

Submitting your BAS

Every BAS is unique, your BAS will only include detailed reporting about the types of taxes your business is obligated to pay.

You should also note there are certain reporting requirements that need to be completed before we can submit a valid BAS to the ATO on your behalf. These include:

  • Reporting period: Your BAS must mention the start date as well as the end date of the reporting period.
  • Document ID: This is a number that is unique to both every business and every statement. It means every BAS we submit on your behalf will have a different document ID to identify your BAS if and when required.
  • Australian Business Number: The ABN is another mandatory requirement on your BAS. With the help of the ABN the taxation authorities can determine which business the BAS is being submitted for.
  • The date when the report was lodged as well as the date when the relevant tax was paid.
  • The mode of payment such as cash, cheque, Bpay etc also has to be mentioned on your BAS
  • The details of the tax that is being reported and paid by your business.

At the end of your BAS there is a section for a summary of the taxes being reported. This is where we will state whether you have a pending tax liability or if you are expecting a refund from the ATO.

How you can help.

  • It’s impossible to produce your BAS without good information. You can help us enormously by providing complete and accurate data for us to work with.
  • Give us time to work through your records, prepare and lodge your BAS statements. If you need help preparing your BAS, get in touch with us early (at least a few weeks in advance) and have all your financial documents ready to go.

If you would like us to prepare and lodge your BAS, or you want a complete bookkeeping service that includes lodgement of your BAS, contact Being Accountable Bookkeeping Service on 0402 464 420 or email jo@beingaccountable.com.au