That's the big question, right?...
The first thing you need recognise is, are you really obligated to be doing BAS at all?
It's a common misconception that if you're in business, any kind of business, big or small, that you have to be doing BAS and that's...
just not so.
So we'll answer that question for you first off.
But if you are in the majority, and have a business that requires the actioning of quarterly or monthly BAS, you should to be able to draw
that information together quickly and efficiently, because as we all know,
time is money.
As we compile your BAS on your behalf, we review your accounts, ensure your GST is not over or under reported, confirm your balance sheet is balanced, and finally, deliver a BAS that is accurate and efficiently lodged by the ATO deadline.
So, let's demystify the world of BAS and have you up to date and ready to roll.
Please bear with us...this is still a bit of a work in progress. But in the meantime, read the really really fun stuff we aim to explain better below...
Let's talk BAS
Are you required to lodge a BAS?
Quite possibly. You do if you are registered for GST but if you are an Uber driver, or your business makes sales of $75,000.00 (excluding GST) in any rolling 12 month period, you're also required to register for GST, and therefore lodge a BAS.
BAS Services are defined as:
The Tax Agent Services Act 2009 (TASA 2009) came in to effect in March 2010 as it became apparent that there were too many "cowboy bookkeepers" offering a service but not being able to adequately prove that they understand what it is they were actually doing causing a lot of stress for business owners and costing them a lot of time and money as accountants had to take quite a lot of time to fix things to be able to give the business owners a better picture of where the business was at. These days, it is illegal to engage a bookkeeper who is not a registered BAS Agent to perform BAS services for your business for a fee and any bookkeepers found practicing in this way are subject to heavy fines and penalties. This means that BAS services can only be performed by BAS or Tax Agents (like us!) and as an industry, we are monitored by the Tax Practitioners’ Board and our professional associations.