BAS stands for Business Activity Statement. It is the form submitted by all the businesspersons of Australia to the Australian Taxation Office regarding their detailed taxation obligation. The businesspersons prefer to have all the legal obligations completed by the registered BAS agents. BAS Agent Portal is an online-secured website that gives the registered BAS agents the provision to access a range of information and services that enable them to carry their practices effectively and efficiently. The various forms of taxation services include-
• pay as you go withholding (PAYGW)
• pay as you go installments (PAYGI)
• fringe benefits tax (FBT)
• wine equalization tax (WET)
• luxury car tax (LCT)
Pay As You Go Withholding is sometimes called Income Tax Withholding (ITW), while PAYGI is also known as Income Tax Installments (ITI).
The portal gives the provision to the agents and their authorized staffs to-
• Communicate securely with ATO
• View and analyze client account and registration information
• Amend client account if required
Submitting the business information to ATO needs a lot of accuracy because any fault attracts a hefty penalty. It is up to the consideration of ATO about the penalty amount, which determines if the error committed was due to carelessness or the ignorance of the tax laws. Hence, for BAS preparation, systematic methods and steps should be followed. The steps that should be followed to ensure errorless compilation of BAS are-
• Ascertain of the inclusion of all the business accounts
Make sure you include all the accounts for the period defined by BAS return form
• Review all the groupings
Ensure that the groupings required by BAS are all correct. Also, review and recheck periodically to identify faults like adding or setting up of codes. Thus, groupings must be thoroughly checked before submitting the reports.
• Execute the BAS report
Every business holding has a unique BAS code. Run the BAS report with the business code to generate report on all sorts of transaction on the said time range.
• Complete the Business Activity Statement
After everything has been done correctly, now it is the time to fill up the calculation form and the Business Activity Statement. Submit it after completing the entire report.
• Keep Business Financial Account Statement Up to Date
ATO can conduct audit at any point of time. Therefore, ensure that your business has an up-to-date financial account record to make audit easy.
The bookkeeping services Australia has helped the businesses to run smoothly. They have helped the government to generate revenue by ensuring on-time payment of taxes. The registered agents are skilled enough to carry out any of the bookkeeping services when asked for.
http://www.bookkeepingonthecoast.com.au/