Know How BAS Agents Help You Grow Your Business In 4 Easy Steps

You may be eligible for an extended deadline if a tax agent or BAS agent files the BAS on your behalf. Your business will expand with the aid of a well-processed BAS, therefore it will be best to leave it in the hands of an expert. The development of online accounting software has made it simpler to organize the necessary data. A qualified BAS agent will, however, confirm the accuracy of the data entered.

Organized record keeping: Since the BAS filing process is not particularly difficult, you might be able to do it yourself. However, if the records are not preserved in a systematic way, the process may be delayed, which may further have an impact on your company\'s operations. Additionally, errors may result in severe fines.

The next part explains how using BAS agent services can assist you in creating the statement and preserving your company\'s finances.

How Can A BAS Agent Help You?

In four steps, the BAS agent can help you prepare and lodge the statement with the ATO.

Step 1: Preparing the information

Making ensuring that the information in the statement is current and accurate is the first stage in producing the business information. The accounting information should match the business bank account statements. Additionally, check to make sure that all outstanding monies are properly justified and that all cash expenses and transactions are accurately recorded.

• Every account detail that has a record of business transactions must be organized for this phase. You should gather the invoices and receipts related to those transactions (both online and cash).
• The procedure is simpler thanks to tools like Xero accounting software. The \'Bank Reconciliation Summary\' function makes it simple to check the general ledger. You can have the material properly organized for you by a reputable business advisory firm.

Step 2: Enter missing transactions

Accounting software can also be used for this phase, which will enable you to link directly to the company bank account. Therefore, if you decide to carry out the step manually, it can take longer.

• If there is any information missing, your BAS agent can assist you in locating it.
• After they locate it for you, you must locate the related invoices and receipts. You will also need to input the date, GST, total transaction amount, and a description for each piece of information that is missing.

Step 3: Total your records

Once you have accurately entered all the data, you have two options for calculating your GST liability for the taxation period: either run an Activity Statement using your accounting software or if you prefer a manual procedure, add up all the numbers. There should be no compromising on accuracy in this area. Therefore, BAS agents advise verifying all of the entered information.

• You must also determine the Pay As You Go (PAYG) withholding at this stage. The PAYG withholding is the amount of tax that is typically deducted from employees\' paychecks.
• You must review the payroll and input the total number of employees\' gross compensation as well as any taxes that were withheld. Zeros should be entered if there is no employee.

Step 4: Update Your Records And Lodge

Once the BAS is finished, you must update the records with the new data. Additionally, you need to save copies of all pertinent paperwork.

• The BAS must be filed immediately after that. You have three options for submitting the filled-out BAS form to the ATO: by mail, online through the ATO portal, or by having your registered tax agent lodge it on your behalf.
• It is important that you make sure all payments have been cleared within time, and if they haven\'t been cleared, you should have at the very least made arrangements with the Taxation Office to make payments.