Professional Online Services from ATO Registered BAS Agents

Business Activity Statements (BAS): A BAS is a statement that every business must submit to the Australian Tax Office (ATO) to report their GST obligations.

Generally, a BAS comprises three components: Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, and PAYG installments.

Businesses are typically required to lodge their BAS on a quarterly or annual basis.

Installment Activity Statements (IAS): The IAS is a component of the BAS reporting framework only. However, for certain large businesses, the ATO mandates more frequent reporting, and thus IAS lodgement comes into the picture.

There are two key differences: (a) BAS is lodged on a quarterly or annual basis, whereas IAS is lodged monthly; (b) BAS requires reporting on three components, i.e., GST, PAYG withholding, and PAYG installments. However, IAS focuses exclusively on PAYG withholding and PAYG installments, without including GST.

For entities also lodging quarterly BAS, GST reporting is maintained on a quarterly schedule, while PAYG withholdings and installments are reported monthly through IAS.

BAS Agent specialises in providing advice or services relating to GST and other taxes reported on the BAS.

They can help businesses prepare and lodge their BAS, manage PAYG instalments, and advise on other BAS-related obligations. BAS agents are registered professionals who have met specific qualifications and experience requirements set by the Tax Practitioners Board (TPB).

Tax Agent provides a broader range of tax services compared to BAS agents. They can assist with all aspects of tax compliance, including preparing and lodging income tax returns, providing tax advice, and handling complex tax matters.

Tax agents are also registered with the TPB and must meet higher education and experience standards than BAS agents.

The fee for preparing and lodging a BAS can vary widely depending on several factors:

• Complexity of the Business Transactions:
  More complex businesses with a higher volume of transactions may require more work and thus incur higher fees.

• Frequency of Lodgment:
  Monthly, quarterly, or annual lodgments can affect the fee structure.

• Services Required:
  Additional services, such as bookkeeping or payroll processing, can increase the fee.

• Experience and Qualification of the Agent:
  More experienced agents or those with specialised qualifications may charge higher fees.

Fees can be charged hourly, as a fixed package fee including other accounting services.

The steps to prepare a BAS are as follows:

• Prepare your Records:

  Use accounting software to keep up-to-date records Reconcile accounts with bank balances, record purchases and cash expenses with all supporting documents, and enter all sales data.

• Enter Missing Transactions:

  Record any transactions not yet entered for which you have receipts and invoices. Some software like Xero or Quickbooks can link directly to your bank to simplify this.

• Reconcile and Complete the BAS Form:

  Use your software to run an Activity Statement or manually add up all numbers to determine your GST obligations. This helps in verifying your accounting records.

• Lodge:

  Submit your completed BAS form to the ATO by email or via the ATO portal. If using an agent or accountant, they can review, adjust, and submit on your behalf. Ensure timely payment or communicate with the ATO about your payment schedule.

Each step requires careful attention to detail to ensure compliance and accuracy in reporting to the ATO.

Generally, the due date for lodging and paying your BAS is the 21st day of the month following the end of the taxable period.

Regardless of when it is due, it is important to make sure that you have all of the necessary documentation before you start working on your BAS. This will help ensure that your return is accurate and that any tax obligations are met in a timely manner.

Regardless of managing a large business or running a small, family-owned business, it's crucial to keep track of your Business Activity Statement (BAS) submission deadlines

When it comes to income tax in Australia, there are two main types of payment options: BAS and PAYG. BAS stands for "Business Activity Statement," which is a periodic tax report that businesses must file with the government. This form catalogs all of a business's transactions over a specific time period, such as a quarter or a year.

By contrast, PAYG, which stands for "Pay As You Go," describes the process of paying taxes on an ongoing basis throughout the year, rather than all at once at the end of the year. Check out our PAYG registration services to know in detail about it.

A BAS is a form that businesses must fill out on a regular basis in order to maintain compliance with their tax obligations. Depending on the size of one's business, the frequency of these statements can vary from one to twelve times per year.

The BAS form involves various steps and calculations, including tracking income and expenses, determining tax rates, and calculating payable or receivable amounts. In order to ensure accurate completion of the form, it is important to carefully review all information provided and consult with a tax professional if necessary.

Overall, though the BAS process may seem complex and intimidating at first, it is an essential part of any successful business.

In Australia, only authorized individuals or businesses are typically allowed to lodge BAS statements. In order to be eligible for this privilege, you must have already obtained an Australian Tax File Number and possess a valid ABNfrom the ATO.

Furthermore, you will need to have adequate knowledge of tax law and regulation in order to effectively prepare and submit these forms. If you have questions or concerns about lodging BAS statements, it is best to consult an accountant or tax professional who can help guide you through the process.

Ultimately, having the right credentials and understanding of tax law is critical in ensuring that your BAS filings are accurate and complete.