In Australia, if you run a small enterprise or business with registration for Australian Business Number (ABN) and GST, then you must already know about the business activity statement. This statement or BAS forms are generated by the ATO and sent automatically to the people. You have to lodge the paper within the given due date and make the specific payment to the ATO. These kinds of costs are done in exchange for services like GST, PAYG instalments, PAYG withholding tax, Fringe tax benefit, fuel tax credits, and wine equalization tax.
Filing a BAS form needs every specific detail or track record of your business or investment income and expense, which can be stressful and time-consuming for the businesses. This is why it is considered beneficial to hire a registered BAS agent for lodging your BAS and carry the procedures involved with it. BAS agent can improve the efficiency of your business and benefit you in ways, such as:
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Safe Harbor Provisions
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BAS agent services act as a safe harbor for the people when filling and submitting the BAS form. The safe harbor provisions enable a protection shield for the clients as they will not be at fault if the agent makes any mistake on your BAS claim. If you fill the form on your own and make a mistake with the claims, then the error will be your fault and penalize you with a huge fine. Thus, safe harbor provisions protect the people or businesses from the risk of penalty charges.
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Code of Conduct
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The Tax Practitioner Board (TPB) is the national board that looks after the companies responsible for providing tax services to the people to act according to a specific code of conduct. This code includes integrity and honesty for their services and complete knowledge and understanding about BAS responsibilities and laws of taxation. Thus, hiring an agent or tax consultant in Perth comes with no risk as any problem with the agent will be looked after and dealt with by the TPB.
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Stern Registration Requirements:
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Being a BAS agent is not an easy task. They have strict and stern registration requirements outlined and guided by the Tax Practitioner Board. These agents are qualified with higher education, degree of specific courses on BAS and GST. They also have a minimum of 1400 hours of professional experience in the last four years. So, working with a registered agent assures all these necessary criteria and makes a perfect choice with someone trustworthy and honest.
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Ongoing Professional Education:
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You should know that the BAS agents in Perth are privileged to continue their education while they work professionally. The TPB, the national board of taxation, has set this criterion to undertake the CPE tests totalling 45 hours every three years to renew their registration number with the TPB. This ensures that the agents stay updated with the curriculums and concepts of the subject with hard work and determination. CPE activities carried out by the professional agents include completion of tertiary courses, attending seminars, conferences, and workshops, presenting research documents and reports, attending activities organized by the ATO and tax organizations.
An ongoing education program means that your BAS agent has sufficient knowledge of tax obligations and BAS and other crucial business factors. Most of the agents of reputed companies are CPAs that means they have to complete 120 hours of CPE standards according to TPB requirements.
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Extended Due Dates for Lodgement
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Lastly, the best benefit of hiring a BAS agent is that you get extended due dates for lodgement of your tax obligations and BAS form. If you try to perform this lodging activity on your own, you have to pay by the due date. But with a hired BAS agent, you get extra time and date for submission and payment. This enables more time for better assessment and lodgement of your BAS. Any assistance with the quarterly or monthly lodging of BAS can be handled precisely by a registered BAS agent at an affordable fee package. This helps you to give more time to your business’s operational and financial activities.
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Monitoring of Cash Flow and Keeping Compliance
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For getting confident about having enough cash to meet your obligations, you need to be up to speed with your cash flow. A BAS Agent can keep all transactions up-to-date and reconcile and monitor your bank accounts regularly.
Businesses have numerous compliance obligations to meet – such as single touch payroll, remitting superannuation, lodging the IAS/BAS/TPAR/STP/LSL on time. Any failure will create problems with the tax office. Your agent will help you avoid penalties and fines by ensuring compliance effectively.
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Helps in Error Omission and Books Ready for Accountants
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Trying to do it all yourself can cause errors, especially if you don’t know the process. A high-quality agent will ensure your data is accurate and help you avoid potentially costly mistakes. When the books are up-to-date by your BAS Agent, the accountant will give you feedback, prepare and lodge your tax returns on time, make recommendations, and more.
Final Thoughts
From the above guide, it can be summarized that getting the top accounting firms in Perth will help you with all kinds of tax consultation and BAS lodging services. Companies like Accounting Services Perth have highly qualified professionals who fit all these above criteria and let you sit back and relax. At the same time, your tax obligations and BAS are lodged and done effectively.
Hiring such services helps you to focus more precisely on your business activities. It saves a lot of your time from filing, keeping track of records, and so on. With a hired agent, you can relax about your BAS and taxes and carry productive activities to outreach and grow your business. Get in touch with the best company today.
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