As a Registered BAS Agent we are here to help all businesses regardless of their size navigate the compliance requirements of business to make sure you can focus on the parts of your business that make you happy and profitable.
The business activity statement (BAS) is a form submitted to the Australian Taxation Office (ATO) by registered business entities to report their tax obligations, including GST, pay as you go withholding (PAYGW), pay as you go instalments (PAYGI), fringe benefits tax (FBT) and more.
To avoid heavy penalties you need to lodge the Business Activity Statement (BAS) and pay on time.
What are the due dates for lodging and paying your BAS?
Please visit ATO official website to check most updated information about BAS and GST
We manage all of the following in addition to the BAS
- PAYG Summaries
- ATO Payment Arrangements
- Business Activity Statement – BAS
- Installment Activity Statements – IAS
- Payroll Tax
Contact Accurate Business & Accounting Service (ABAS) Campsie Today
BAS Preparation and Lodgement Price
Price for the sole traders normally in the range of $75 to $250 and for companies from $100 to $450.
How The Entire Process Works?
We require the client to provide us with data/figures for BAS lodgement. Either the client compiles the figures or we could do it on their behalf if you are doing bookkeeping services with us.
Once the data is received we prepare the BAS report and discuss it with the client.
A thorough discussion on the BAS report is done which involves:
- Among payable and possible ways to reduce the debt as per ATO conditions.
- The profitability for the quarter and a forecast for the future if required by the client.
- Tax effective strategies to reduce the final debt and also the annual profit.
- Other GST and tax strategies as per the specific needs of the business
These strategies are discussed quarterly so that there are no surprises at the end of the year as it is hard to implement any tax effective strategy once the year end has reached.
Frequently Asked Questions about BAS
If your BAS is not lodged with the ATO by the deadline, you may be charged late payment penalties by the ATO. Similarly, if you pay late, the ATO can impose interest penalties on any amounts owing after the due date.
You will only be required to lodge a BAS when you have registered for GST. GST registration is required when your business’ gross income (excluding GST of 10%) is equal to $75,000 or more.
If you are a business registered for GST you need to lodge a business activity statement (BAS). Your BAS will help you report and pay your: … pay as you go (PAYG) instalments. PAYG withholding tax.
Activity statements can be generated early in the following cases: if you are going to be absent from your place of business before the end of the reporting period and the business will not be trading during that period.
Individuals and sole traders with a myGov account linked to the ATO can lodge, view and revise their activity statements using our online services through their myGovaccount. Lodging your activity statement online is a quick, easy and secure way for youto prepare and lodge.
If your bookkeeper is employed in your business, s/he is able to prepare and/or lodgeyour BAS on your behalf. However, if your bookkeeper is a contractor, s/he must be a registered BAS Agent in order to provide you with BAS services.
You have several options for lodging your business activity statements (BAS) and reporting your goods and services tax (GST) to ATO. Most businesses that lodge their own BAS choose an online option or registered bas agent. A penalty may apply if you don’t lodge on time. Even if you can’t pay, lodge on time to avoid this extra cost.
BAS Agents are a type of Tax Agents. They manage and report on your GST responsibilities to ATO. BAS Agents are authorised to prepare and lodge BASreturns (including all your GST and Pay As You Go withholding dues).
Yes you can lodge your BAS online: via your online accounting software. through your myGov account if you’re a sole trader. You can also submit BAS online by having throgh registered tax or BAS agent (generally an accountant or bookkeeper).