BAS SERVICES IN SYDNEY

WHAT IS BAS ACCOUNTING AND WHY IS IT IMPORTANT?

BAS accounting refers to the preparation and submission of business activity statements in Sydney and other parts of Australia. All commercial enterprises (including not-for-profit organisations) that are registered for GST must complete business activity statements in accordance with government regulations. At the time of writing, small businesses that generate an annual turnover of $20 million or less are required to submit a quarterly business activity statement. Larger businesses, with an annual turnover in excess of $20 million, are required to complete monthly statements. Whether you are required to make monthly or quarterly submissions, you need to ensure that the BAS service provider you choose to help you complete and submit your business activity statements is both properly accredited and well established. There are several reasons that accounting & bookkeeping BAS services are so important, including the following:

• Late Submission Penalties – The “failure to lodge on time” penalty applied by the ATO can be as much as $900 each time for small businesses. For larger concerns, penalties may be as high as $4,500 per case.
• Penalties for Errors – If you make a mistake when submitting a business activity statement there is no need to panic. Providing you identify and correct the mistake within 4 years (on a subsequent BAS submission), you will not be penalised. However, mistakes that are not discovered and corrected within this time may incur a penalty. With this in mind, it makes good financial sense to engage the services of a competent BAS accountant.
• Avoiding Unexpectedly Large Tax Bills – By completing and submitting business activity statements accurately and on time, you can ensure that you stay up to date with your GST and PAYG tax obligations. Failure to prepare accurate statements on a regular basis can lead to errors, and if these errors are left to compound, the result can be a shockingly large tax bill at the end of the financial year. If you hire a team of experienced BAS accountants, you can easily avoid all the potential hassles and expense associated with these types of tax errors.

  For all these reasons and more, you must make the right choice when selecting a company to provide BAS agent services, whether in Sydney or any other part of Australia.

CHOOSING YOUR BAS ACCOUNTANT IN SYDNEY

To choose the best BAS service available, you need to know what to look for. Below, we have listed the primary characteristics of high-quality BAS accounting services to help you get started. The very best BAS agent services in Australia should meet all of the following criteria:

• Government Approved – Only deal with accredited BAS service providers. By doing so, you will be able to ensure your statements are formatted and completed correctly.
• Experienced – Time-served BAS accountants can get to grips with new clients’ requirements more rapidly and easily than their less experienced counterparts.
• Competitive – You cannot expect professional services at bargain basement rates. However, you owe it to yourself to make sure that the BAS service provider you choose is at least competitive.

 

BOOSTING YOUR BUSINESS EFFICIENCY WITH BAS ACCOUNTING

You should now have all the facts you need to boost your business efficiency with the help of a BAS accountant in Sydney. If this is not the case, you may find the information you need in the FAQ below or the main site FAQ. Alternatively, please feel free to get in touch for personal assistance.