Professional online services from ATO registered BAS agents

Business Activity Statements (BAS): a statement that every business must submit to the ATO to report their GST obligations. A BAS comprises three components: GST, PAYG withholding, and PAYG instalments. Businesses are typically required to lodge their BAS on a quarterly or annual basis.

Instalment Activity Statements (IAS): a component of the BAS reporting framework only. However, for certain large businesses, the ATO mandates more frequent reporting, and thus IAS lodgement comes into the picture. BAS is lodged on a quarterly or annual basis, whereas IAS is lodged monthly; BAS requires reporting on GST, PAYG withholding, and PAYG instalments, while IAS focuses exclusively on PAYG withholding and instalments, without including GST.

A BAS agent specialises in providing advice or services relating to GST and other taxes reported on the BAS, including preparing and lodging BAS, managing PAYG instalments, and advising on other BAS-related obligations. BAS agents are registered professionals who have met specific qualifications and experience requirements set by the Tax Practitioners Board (TPB).

A tax agent provides a broader range of tax services compared to BAS agents, including preparing and lodging income tax returns, providing tax advice, and handling complex tax matters. Tax agents are also registered with the TPB and must meet higher education and experience standards than BAS agents.

The fee for preparing and lodging a BAS can vary widely depending on the complexity of business transactions, the frequency of lodgment (monthly, quarterly or annual), additional services required such as bookkeeping or payroll processing, and the experience and qualification of the agent. Fees can be charged hourly or as a fixed package fee including other accounting services.

The steps to prepare a BAS are: prepare your records using accounting software, reconciling accounts with bank balances and recording all purchases, expenses and sales; enter any missing transactions for which you have receipts and invoices; reconcile and complete the BAS form using your software or by manually determining your GST obligations; and finally lodge the completed BAS form to the ATO by email or via the ATO portal, or have your agent review, adjust and submit on your behalf.

Generally, the due date for lodging and paying your BAS is the 21st day of the month following the end of the taxable period. Regardless of when it is due, it is important to make sure that you have all of the necessary documentation before you start working on your BAS to ensure your return is accurate and that any tax obligations are met in a timely manner.

BAS stands for "Business Activity Statement," a periodic tax report that businesses must file with the government, cataloguing all of a business's transactions over a specific period. PAYG, which stands for "Pay As You Go," describes the process of paying taxes on an ongoing basis throughout the year, rather than all at once at the end of the year.

In Australia, only authorised individuals or businesses are typically allowed to lodge BAS statements. You must have an Australian Tax File Number and a valid ABN from the ATO, along with adequate knowledge of tax law and regulation to effectively prepare and submit these forms. If you have questions or concerns about lodging BAS statements, it is best to consult an accountant or tax professional who can guide you through the process.