BAS or Business Activity Statement is required when a business is registered with the Australian Taxation Office for GST. GST registration is mandatory when the gross income for a business equals $75000 or more. You can lodge BAS monthly, yearly, or quarterly. The entire process does not involve many complications, but some work needs to be done before the final submission of BAS. And that is where a business financial advisor or a BAS agent can be of great help.
Here, we have discussed certain aspects related to hiring a BAS agent, and how these experts can catapult your business to the top.
When a tax agent or BAS agent lodges the BAS on your behalf, you can get an extended deadline. An adequately processed BAS will help you grow your business, and it will be better to leave it to an experienced professional. With the advent of online accounting software, it has become easier to arrange the required information. However, a professional agent will confirm whether the filled in information is correct.
The following section discusses how the BAS agent services can help you prepare the statement, thereby helping in maintaining the business finances.
In four steps, the BAS agent can help you prepare and lodge the statement with the ATO.
In the first step of preparing the business information, you must ensure all the data put in the statement is up-to-date and accurate. The business bank account statements should match the accounting information. You should also see whether the cash expenses and purchases are well recorded, creditors’ information is correctly included, and all the outstanding funds are appropriately justified.
This step can also be done using accounting software, and it will help you connect directly to the business bank account. Thus, if you choose to complete the step manually, it may be more time-consuming.
Once you have correctly entered all the information, you may either run an Activity Statement using your accounting software or, if you want to go for a manual process, you have to add up every number to figure out the GST amount you have to pay for the taxation period. In this section, there should be no compromise with the accuracy. So, BAS agents advise double-checking all the information entered.
Once the BAS has been completed, you have to update the records with new information. You should also keep copies of every relevant documentation.
We have discussed four basic steps of BAS lodgement with the ATO. The process is not that tough, and you might even plan to do it independently. But, as it is directly related to business growth, it will always be a good idea to hire a professional. Experienced BAS agents can also give you valuable bookkeeping tips that help you in effective business expansion and growth.