Registered businesses that wish to comply with the Australian Tax Office (ATO) regulations must submit a BAS (Business Activity Statement) as part of the Goods and Service Tax regime. For the same reasons, businesses need outsourced BAS accounting services in Australia.
A BAS is a form that businesses fill out every year, depending on the size of their firm. The ATO utilises this information to calculate your GST refund. It also helps in calculating corporate income tax, fringe benefits tax, employee income tax, wine equalisation tax, luxury car tax, and fuel tax credits. BAS is a highlight of your company's financial transactions. The reports contain financial transactions that have tax contacts with the ATO, including:
Goods and Services Tax (GST)
Pay as You Go (PAYG) instalments
PAYG withholding tax
Other taxes (FBT, FTC, etc)
This report provides a summary of your company's financial performance. The ATO examines the information in your return to assess your tax position and determine whether you have additional responsibilities, such as luxury car tax. Such taxes are only a part of the taxes computed by BAS, including income, employment, wine, and petrol taxes. Because of the functions such taxes play, it is clear that there is a direct correlation between them and your company's overall financial situation based on the ATO-provided information.
Businesses must prepare BAS monthly, quarterly, or annually, depending on their operations. You have to face legal challenges if you do not comply with the report preparation requirements. Businesses can outsource BAS accounting services to avoid legal consequences.
When businesses file a BAS, they provide the ATO with a detailed record of their company's tax-related financial activities; reporting taxable purchases and sales is the top priority because it directly impacts their GST obligations.
On the BAS form, you record the total amount of your taxable sales (items and services).
s sold and subject to GST). You also report your taxable purchases (goods and services) you've acquired that are subject to GST. This information is crucial for determining your net GST liability.
Our Business Activity Statement (BAS) accounting services include everything you need to be compliant in your business. We help you in managing BAS/IAS tax compliance and tax complications. Here at Aone Outsourcing Solutions, we provide the following BAS services:
BAS Preparation: BAS preparation involves calculating GST, organising records, and verifying accuracy. Taking the help of BAS accountants can assist in preparing BAS statements. We help you prepare BAS by calculating GST, PAYG instalments, PAYG withholdings tax, and other taxes like FBT and FTC.
BAS Filing and BAS Lodgement Process: After preparing all the records, you have to go through the BAS filing process according to ATO guidelines. BAS lodgement online refers to your official submission of BAS with the ATO, and missing penalties can result in significant fines and penalties. However, if you use professional BAS services like ours, we will do everything on schedule, allowing you to focus on your work.
BAS Compliance & BAS Support: Small business operators have difficulties staying compliant with tax laws. Outsourcing BAS services can help you with BAS compliance seamlessly.
GST and PAYG Compliance: At Aone Outsourcing Solutions, we make sure that your GST and PAYG compliance meets ATO guidelines. We help you in calculating, reporting, and recording all the transactions.
Instalment Activity Statement (IAS) Support: We also help you with your Instalment Activity Statement (IAS) by calculating PAYG and other withholding taxes. This pre-printed form is issued by ATO on a monthly basis and has a summary of your PAYG instalments, PAYG withholdings, and FBT obligations.
How to Prepare Your BAS?
Before we go into how to deposit your BAS, let's go over how to prepare it.
Here's a straightforward five-step approach for creating a firm Activity Statement (BAS) for a small firm in Australia:
Collect Records: Gather all financial records from the reporting periods, such as invoices and receipts.
Log In to the ATO Portal: Access the ATO Business Portal and log in with your credentials.
Complete the BAS Form: Complete the BAS form sections accurately, including GST, PAYG withholding, and other important information.
Review and Submit: Double-check all figures and information for accuracy, then submit your BAS via the portal.
Payment (if applicable): Also, check if you have any due taxes; you should make the payment.
BAS is important for businesses in Australia, lets understand why:
Cash Flow: Your BAS provides a precise estimate of ATO reclaimable amounts. Having a good number helps you maintain healthy cash flow in your business.
Tax Calculation: BAS can calculate various taxes, including GST, employee-related, and industry-specific levies. It ensures that you fulfil all legal and tax obligations.
Business Insights: A well-maintained BAS allows you to track vital insights into your firm, which are extremely useful when making future decisions.
Legal Compliance: The ATO requires all qualifying firms to file their BAS on time. Failure to file BAS might result in legal compliance, including fines and penalties for your company.
Businesses in Australia have to make sure to lodge their BAS and pay amounts on time. Here are the ways you can use to lodge your BAS:
Lodge BAS Online: Lodging your BAS lodgement online is flexible, and you can submit it according to your own schedule.
Additionally, there is a convenient two-week postponement option. This gives you an extra two weeks to lodge and pay your BAS, which can be quite useful.
It's an excellent approach to avoiding errors. You can double-check everything before clicking the submit button to ensure that your results meet your expectations. Also, you can get assistance from the Outsourced BAS Lodgment service in Australia.
Lodge BAS by Mail: When submitting your completed BAS form, you can use the pre-addressed envelope included in your BAS package. Send your BAS to this address instead:
Australian Taxation Office, Locked Bag 1936 Albury, NSW 1936
If you have lost or never received your paper BAS, you can request a copy by calling us at 13 28 66.
Lodge BAS by BAS Agent: You can have a registered tax or BAS agent service manage the lodging, varying, and payment procedure for you via their preferred computerised platform.
When you take this route:
Your agent can view any BAS and reminder communications sent to you via their web service. Even if your agent manages your BAS for you, you can still verify it yourself via online services for business or MyGov.
If you need help finding a registered agent, visit the Tax Practitioners Board.
4. Lodge BAS “NIL Using Phone: If you have nothing to report for the period and need to file a 'nil' BAS, there's a convenient solution for that.
You can do this by calling 13 72 26. It's automated, so you can call anytime or at night.
Just be sure you have your BAS document identification number (DIN) ready when you call.
Outsourcing your BAS accounting services can surely provide a lot of benefits to businesses in Australia. Here are the benefits of outsourcing BAS services for your businesses:
Cost Savings: Outsourcing your BAS service can help you with cost savings in your organisation. It can help reduce the number of employees in the accounting department; this, in turn, can reduce payroll pay, benefits, and the space needed for the staff.
Professional BAS service providers can vary the volume of accounting services according to your requirements; that is, you do not have to maintain a full accounting team when there is little or little work. In this way, you will get cost-saving benefits with BAS outsourcing services.
Focus on Core Objectives: Professional BAS service providers can help you improve overall business performance by outsourcing accounting activities and BAS bookkeeping so that employees can focus on their key skills, such as talent acquisition and client relationship management.
Simplified Compliance: Professional BAS accountants can help you improve overall business performance by outsourcing accounting activities and BAS bookkeeping so that employees can focus on their key skills, such as talent acquisition and client relationship management.
Access Expertise: BAS accountants have considerable knowledge of payroll processing, client billing, and compliance, which can be challenging for in-house staff. They keep up with changing tax legislation, employment laws, and industry-specific compliance standards without requiring continual training for in-house people.
Efficiency & Accuracy: BAS outsourcing service providers use effective and simplified accounting processes to reduce errors and improve accuracy. Due to financial constraints, small firms cannot afford to independently adopt cutting-edge accounting software and technology.
Scalability and Adaptability: When your company grows, outsourcing BAS obligations allows you to easily scale accounting services without the hassle of recruiting and onboarding more inside workers. Agencies can choose certain accounting services, such as tax preparation, financial reporting, and payroll processing, according to their needs.
Get In Touch: Outsourcing BAS Accounting Services With Us!
Small and midsized business owners now do not need to worry about BAS lodgement and legal compliance as they can get professional assistance.
A professional BAS accounting service provider like Aone Outsourcing Solution in Australia can handle everything from BAS preparation to the BAS lodgement online process.
Consider connecting with us and taking the first step toward hassle-free tax compliance and streamlined BAS accounting services.
A Business Activity Statement (BAS) is a form that GST-registered businesses must submit to the Australian Taxation Office (ATO). It reports tax obligations, including GST, PAYG withholding, PAYG instalments, and other taxes.
Any business registered for GST with a turnover of $75,000 or more ($150,000 for non-profits) must lodge a BAS. Businesses below this threshold do not need to register for GST or file BAS unless they choose to do so.
The BAS lodgement frequency depends on your business size and ATO requirements: Monthly—for businesses with GST turnover above $20 million. Quarterly—for most small to medium businesses. Annually—If your business has voluntarily registered for GST and has a turnover below $75,000.
Late lodgement can result in ATO penalties and interest charges. The fine starts at $275 for every 28-day delay, up to a maximum of $1,375. Outsourcing your BAS services ensures timely lodgement and avoids penalties.
To prepare a BAS, you need: Total sales and income GST collected on sales GST paid on purchases PAYG withholding amounts (if applicable) Other tax obligations like luxury car tax or fringe benefits tax (FBT)
Yes! If you’ve made a mistake in your BAS, you can correct it in a future BAS if it’s within a four-year time limit. Otherwise, you may need to submit an amendment through the ATO portal or with a BAS agent’s help
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