Running a small business comes along with many responsibilities. And if a business is a GST registered business then it becomes imperative to make sure all your records are kept compliant so that you can lodge your BAS on time to the ATO. Managing business operations along with financial aspects becomes a daunting task for a business. In this article, we will learn about what is BAS and how BAS accountants can help small businesses . 

What does BAS Stand for?

BAS stands for ‘Business Activity Statement’. Every GST registered business in Australia has to lodge a business activity statement  ATO stating all the financial activities that took place in your business.

Your BAS will help you report and pay your:

  • goods and services tax (GST)
  • pay as you go (PAYG) instalments
  • PAYG withholding tax
  • other taxes.

There are particularly three options through which the ATO allows you to lodge your BAS.

  • Monthly
  • Yearly
  • Quarterly

Who Is BAS Accountant?

BAS Accountant is a professional who prepares and lodges BAS for business to the ATO. BAS Accountant is a fully licenced and registered professional who assists with BAS services. BAS agents are recognised by Tax Practitioners Board. A registered BAS agent has a sound understanding of the several BAS norms and aspects which the ATO has specified. 

Roles of a BAS Accountant

BAS Accountant can advise a client, provide various levels of information and/or can represent a client to the Australian Taxation Office in relation to a range of BAS services. These include:

  • GST.
  • Payroll, including the withholding of tax amounts and associated reporting requirements.
  • Other PAYG Withholding amounts such as no ABN, Interest & Dividend.
  • Payment of income tax via PAYG Instalments.
  • Wine Tax, Fuel Tax, and Luxury Car Tax.
  • Fringe Benefits Tax (FBT) payments.
  • Taxable Payments Annual Reporting system.
  • The Superannuation Guarantee system.

BAS Agents can also assist with the design, setup and implementation of business compliance systems, advise how various relevant areas of the law affect them and review client operations in this regard to ensure compliance.

Why do you need BAS Accountant For Your Business? 

BAS preparation and its time-lodgement are crucial in running your business. This is the sole reason for availing BAS accounting services to prepare and lodge their BAS as perfectly as possible. 

  • BAS accountants in Perth can assist you in maximising your income and profits aside from minimising your income tax obligation.
  • BAS accountant is familiar with the crucial aspects of BAS preparation and lodgement in Perth, Australia. That’s why they can lodge your BAS perfectly and within the expected time.
  • There are many reconciliations that comprise the BAS lodgement and its whole procedure. BAS accountants in Perth will take care of this aspect and will yield the best possible outcome.
  • They also maintain the records of the crucial business activities of our esteemed clients apart from assisting them with stupendous BAS preparation and lodgement.

So, when it comes to the most unique and successful BAS preparation and lodgement in Perth, a registered BAS agent can provide you with services that best suit your business.