A Business Activity Statement (BAS) is one of the requirements business owners submit to the ATO. This is submitted monthly, quarterly, or annually – depending on your business category. This statement summarizes the taxes paid or should pay within a specified period. Thus, ATO uses your BAS to assess your tax liability.
Hiring a registered BAS agent provides many benefits to your business. One of which is avoiding errors in your report. Mistakes in your BAS may lead to lost time or penalties by the ATO.
In this article, we will explain the benefits of having a registered BAS agent do your Business Activity Statement.
Reduce expensive mistakes
Doing everything by yourself makes you more prone to committing errors, especially if BAS is not your area of expertise.
An experienced and high-quality BAS agent gives accuracy to your data and helps you avoid costly errors. More importantly, a good BAS agent guides you through the lodgment process so you have a clear understanding of your financial reports.
More time to lodge
Doing BAS on your own bounds you to lodge and pay by the due date required by the ATO. But you can enjoy extended lodgment dates for your BAS through your BAS agent. Under the BAS lodgment program, BAS agents are given extra time to lodge statements. This gives you the advantage of having more time to get things done.
Prepare books for your accountants
A BAS agent ensures that all transactions are allocated correctly into your system. This makes the tasks for your accountant and tax agent easier. They are occupied with the preparation of financial documents, balance sheets, and more – especially during EOFY season. Up-to-date books save them time in checking if the tax rate is correct and preparing some depreciation whenever necessary.
BAS agents spend time learning complex topics such as industry changes, as well as updates to tax laws. This requirement gives you more confidence that your BAS agent can provide you with up-to-date knowledge. It also saves you time studying the complexities of tax laws.
More importantly, BAS agents are bound by a professional code of conduct. This guarantees businesses that they receive professional and honest service from their BAS agents.
Keep up with compliance
Business owners have several compliance obligations that must be met on time. Failure to meet these obligations could land you in trouble with the ATO. Your BAS agent helps you avoid this situation by managing your compliance promptly.
Help you understand your cash flow
A competent BAS agent does not only help you in compliance. They help you understand the lodgement process. Along the way, you will learn how to understand financial reports and what the numbers mean. Your BAS agent can also provide valuable suggestions on how to manage your cash flow more effectively.
Get help from our team!
Focus Bookkeeping provides quality bookkeeping and BAS services for many businesses. We offer solid business advice to ensure you understand the financial and obligatory perspective of your business.
Fabiana Silva is a fully qualified bookkeeper and a registered BAS agent with over 20 years of experience in bookkeeping and business administration.