BAS agents act as a middle man between your company and the Australian Taxation Office, filling out and lodging your BAS and other important tax forms and files. Their services allow you to forget about tax deadlines and pass the work to someone who has spent their career studying and using the tax system, ensuring you get the tax refunds you deserve. Learn more about what BAS agents do today to see if hiring one is right for your company.
What Does BAS Stand For?
BAS stands for business activity statement and allows you to work out your goods and service tax (GST) refund or bill. The statement can be time-consuming and confusing to fill out, especially if you have never done one before. That’s where BAS agents come in and complete the form for you! They can help you prepare and lodge your BAS, reducing some of the stress you can feel in your business when the tax season approaches.
What Services Do BAS Agents Provide?
BAS agents often provide many services outside of your business and activity statement. Below, we have outlined the services many offer so you can see if a BAS agent is the right option for your business.
Preparation And Lodging Of Financial Statements
BAS agents can prepare and lodge your financial statement, a record of the health of your business, assets, liabilities, listing profitability, and cash flow. Financial statements are essential for securing partnerships and business loans, making them important for any business. They also show directors your business health and any areas of concern, helping you better plan for the next quarter or financial year.
Preparation And Lodging Of Late And Overdue BAS Statements
BAS agents not only help you submit on-time statements, but late and overdue ones too. A BAS agent takes the stress out of overdue or late activity statements and can help you work out your GST calculations and tax returns.
Preparation And Lodging Of BAS and IAS
Your BAS and IAS (installment activity statement) are often lodged together, so why not find a BAS agent that can do both? Finding a BAS agent that can fill both of these in saves you time and money, as you don’t need to worry about completing them yourself or accidentally paying more tax than you should. You will need to provide access to your BAS agent for the information they need, but other than that, you don’t have to do anything!
GST Calculations
After your BAS has been lodged, a BAS agent can complete your GST calculations to see if there are any tax returns coming your way. By having the calculations completed for you, you can easily see how much is paid for goods and services tax and if you have overpaid or not.
Preparation And Lodging Superannuation
Many BAS agents also offer superannuation services, preparing and lodging your superannuation to ensure that your employee’s retirement funds are protected and set aside. By taking this worry out of your hands, you don’t need to worry about your employees’ futures and can focus on growing your business.
When a BAS agent completes your superannuation, you will have a better indication of your cash flow, too, helping you make more informed financial decisions.
Preparation And Lodging PAYG Withholding Tax
Some BAS agents can also prepare and lodge your pay-as-you-go (PAYG) withholding tax, the amount of tax you withhold from an employee’s pay, and send it to the Australian taxation office. Calculating this and setting it aside monthly can be tricky, especially for new and small businesses. By outsourcing this to your BAS agent, you don’t need to worry about adjusting the numbers when your employee size increases or decreases, allowing you to focus solely on the business.
What Are The Benefits Of Using A BAS Agent?
There are several advantages to using a BAS agent for your taxes, which we have listed below:
- You can avoid late fees and fines, ensuring you meet any upcoming tax deadlines
- You can maximise tax deductions without worrying about your lodgings being correct, helping you get the right amount of deductions for your business
- You can focus on growing your business without worrying about tax deadlines, confusing forms, or numbers
Finding BAS Agents In Your Area
BAS agents offer an invaluable service to businesses, taking the stress out of tax deadlines and allow you to focus on growing and managing your business. While there is a cost for their service, we think it’s worth it to know your taxes are filed correctly, and you could get a hefty refund on your GST!
