All businesses registered for GST are required to lodge a Business Activity Statement (BAS) to the ATO by a due date. This Business Activity Statement is a tax reporting obligation which is due either monthly or quarterly.
In order to protect businesses, new legislation has been implemented permitting only registered BAS Agents (and Tax Agents) to advise or help “ascertain” your liabilities, obligations or entitlements in the areas of the BAS. The “BAS Agent” is an individual or company that provides services to an organisation in relation to this BAS obligation.
Why do I need a BAS Agent when you have a Bookkeeper?
- BAS Agents are registered with the Tax Practitioners Board who, among other things, oversee and regulate the supply of BAS Services to the public.
- BAS Agents are subject to a Code of Professional Conduct which includes:
- Honesty and Integrity (when acting for you in relation to your money);
- Independence (always acting in your best interests);
- Confidentiality (unless directed, your information is totally confidential).
- BAS Agents are subject to a range of administrative sanctions, civil penalties and obligations, one of which is the compulsion to hold Professional Indemnity (P.I.) insurance.
- BAS Registration ensures that while assisting organisations with their BAS Obligations, the BAS agent has the necessary
- Competence and
- Only BAS Agents (other than yourself and your employees) are permitted to represent you in dealing with the ATO in relation to your Goods and Services Tax (GST), PAYG Withholding (payroll), PAYG Instalment Payments, Fringe Benefits Tax (FBT) Payments, Wine Equalisation Tax (WET) Payments, Fuel Tax Payments and Luxury Car Tax (LCT).
- Clients of BAS Agents benefit from “safe harbour” provisions which provide relief from penalties in the case of error or late lodgement by the BAS Agent.
- Engaging our professional BAS Agent Services allows you 8 weeks following the end of the quarter, to comply with your BAS obligations.
The Tax Practitioners Board maintains a public register of Registered BAS Agents at www.tpb.gov.au.