BAS Preparation – Why a BAS or Tax Agent should do them
Business Activity Statements seem simple – and filling them out is – but to ensure the data adds up to the summarised figures you will need time, patience and preferably experience in translation of laws and even invoices.
In order to charge a fee for the service, bookkeepers and accountants need to register with the Tax Practicitioners Board (TPB) as stipulated by the TASA 2009 legislation. This ensures that agents are:
- qualified and experienced to provide the services
- meet fit and proper person criteria
- maintain professional indemnity insurance; and
- maintain education standards each year to ensure knowledge is the ever-changing GST and Tax law
A BAS provision (services Registered BAS Agents can advise on) entails:
- GST law
- Wine Equalisation Tax law
- Fringe Benefits Tax law (relating to collection and recovery only as Tax Agents prepare the FBT annual returns)
- Fuel Tax law
- Luxury Car Tax law
- PAYG (Pay As You Go) Withholding
- PAYG instalments
All of the laws relating to BAS provisions also have their own rates and rules that apply to them. Some of which change each year and at irregular times throughout. And when you start looking at PAYG Withholding and everything payroll – there is a reason why some agents specialise in certain industries – it is a rather large can of worms.
Having an agent prepare the accounts on your behalf who meets the TPB requirements should provide assurance that your returns are lodged with someone who knows the laws around the work they are doing, reduce errors and allows you to feel comfortable working with someone who is qualified to do so. Some work however does require some research at times but we wouldn’t be doing our due diligence if we didn’t.
With 18 years experience in BAS provisions and tax law, you can feel confident that Nationwide Bookkeeping & Accountants Services is more than qualified to handle your affairs.
Oh, and on the topic of due diligence, we are often asked why we need to cite documentation especially with the software that imports bank statement data – this is a good question and will be our next post.