Are you worried your Business Activity Statement (BAS) won’t be lodged on time?
Desperate to get a BAS extension for your company so your BAS is not submitted late?
Running an organisation is busy work and requires juggling many balls at the same time. Despite the best of intentions, sometimes a heavy workload means important tasks – like completing and lodging your Business Activity Statement – are put on the backburner, creating significant headaches when due dates are looming large.
When it comes to your business, you’re the expert and your time is best spent on the things only you can advise on or do. When it comes to Business Activity Statements, having a Registered BAS Agent on your team – who can apply for extensions with the Australian Tax Office (ATO) – is a smart move.
Why engage a Registered BAS Agent?
Having a Registered BAS Agent allows business owners to breathe easier knowing they will meet their tax obligations, while being able to stay focused on their core job – running the business!
Any business registered for GST (goods and services tax) in Australia is required to lodge Business Activity Statements to declare to the ATO how much GST it has collected and paid. The ATO will then either provide a refund or a tax bill. How often a business needs to prepare and lodge a BAS will depend on its size and designated reporting cycle, but it can be required up to 12 times a year.
Registered BAS Agents can complete a BAS on behalf of an organisation, taking this important legal obligation off a business owner’s long ‘to do’ list.
What exactly is a Registered BAS Agent?
A person who is licenced and registered with the Australian Tax Practitioners Board, or TPB, (which regulates tax practitioners) to supply BAS services is known as a Registered BAS Agent.
To check if an Agent is registered, it’s possible to search the TPB register. A Registered Agent can also use this symbol and include their registered BAS number.
Once registered, these Agents are qualified to provide advice and represent clients on all matters related to GST, PAYG withholding tax, PAYG instalments and superannuation guarantee issues linked to payroll, including preparing and submitting statements.
Registered BAS Agents, who are paid for their services, are in demand as they make it much simpler for business owners to meet their complex BAS obligations.
It’s important to note that not all bookkeepers are Registered BAS Agents but, at Astute, we are.
A key benefit of using a Registered BAS Agent is that they can apply for extensions with the Australian Tax Office (ATO) on behalf of a business owner.
How meeting tax obligations is easier with a BAS Agent
Having a Registered BAS Agent on your side delivers a layer of protection for your business that is not there when you are handling matters without the advice of an expert.
- Australian tax law is complex and changes regularly. Registered BAS Agents must meet minimum qualifications, including having Professional Indemnity insurance and a Certificate IV in Bookkeeping. Importantly, they must also engage in ongoing study to ensure they are aware of ever-changing requirements.
- By utilising the knowledge of an expert, the chance of making errors is reduced, which means businesses are less likely to be fined by the ATO for breaches.
- BAS Agents are covered by safe harbour laws, which offers protection to businesses.
- Registered BAS Agents typically use technology that makes BAS preparation and lodging process faster and simpler.
- Using an Agent means all your business compliance reporting documentation can be centralised.
- Professionals who are registered with the TPB must adhere to the Tax Practitioners Board Code of Conduct.
Using a Registered BAS Agent reduces stress, as you won’t have to keep track of your BAS due dates. Your Agent will communicate with you well in advance to guarantee your statement is lodged on time.
Not sure if you need a BAS extension? Check the ATO BAS due dates here.
Astute at BAS Extensions!
If you’ve found yourself behind and need to urgently arrange a BAS extension for your company, our team is more than happy to assist.
At Astute, we reduce the BAS burden by ensuring your company stays organised and works proactively to keep on top of its tax obligations. Our Registered BAS Agents are professional, helpful and always across the latest tax changes.
We support organisations all over Australia from our base in sunny Karratha in Western Australia’s north, and deliver customised services that support business success.
At Astute Business Consultants, we specialise in removing BAS stress from your life, so get in touch today.
Leave a Comment