Does BAS preparation make you panic? Not quite confident you’ve got it right? Could a Registered BAS Agent and Sunshine Coast Bookkeeper remove the stress?
Many business owners aren’t thrilled about doing their Business Activity Statements. They find them complicated and time consuming to prepare and often leave them till the last minute. You also want to be sure you get it right, avoiding underpaying or overpaying tax or worse getting stuck with fines from The Australian Tax Office.
As a Sunshine Coast Bookkeeper for the past 16 years, I find It makes sense to use an appropriate bookkeeping software to help you keep accurate records of your GST and PAYG liabilities making it easier to produce and check reports prior to lodging your BAS. If books are kept up to date BAS preparation becomes a much simple and time effective exercise.
It also makes sense to hire a registered BAS Agent who is familiar with the accounting software you use so that they can create the necessary reports, checks and BAS preparation required for you to meet your obligations with The Australian Tax Office.
“Registered BAS agents” were introduced as part of reforms in the Tax Agent Services Act 2009. It created a clear set of training, experience and professional standards a bookkeeper must achieve to offer BAS services for a fee or other reward.
To qualify as a BAS Agent the following applies:
- a recognised accounting and/or bookkeeping course must have been completed
• agents are bound by a strict code of conduct and their registration is terminated if there is misconduct.
• agents continually undergo professional development.
• professional indemnity insurance that protects you financially if the agent makes an error, omission or some other act.
• at least 1,000 hours relevant work experience in the three years before registering.
This gives your BAS agent the experience and knowledge to produce your BAS reports accurately, and on time.
It is important that you work with your BAS agent/bookkeeper to ensure that accurate records are provided and you allow enough time for them to prepare and lodge the Business Activity Statements for you.
If you answered yes to the questions at the beginning of this article it is definitely worth hiring a BAS agent/bookkeeping in your local area to assist you with implementing systems to make BAS time just that little easier.