BAS Accounting Solutions
The preparation of a Business Activity Statement (BAS) can be deceptively simple. A BAS, by its nature, looks the same each time and it often involves a series of repetitive steps to get it right. And if you are communicating information to the ATO and you are dealing with large amounts of money – getting it right is important.
Our Westcourt BAS preparation team are fully committed to getting it right first time on time – and we do so with upfront fixed fee processing. And we assist businesses with their BAS from small healthcare professionals to teams with over 300 staff.
At Westcourt we treat the preparation of each BAS as an important event that is documented, supported and considered prior to completion. Our detailed workpapers explaining how we prepared the BAS and how it reconciles back to the work gives you the comfort it is done properly and creates the efficiencies for us so we can be competitive in the market.
Further, our deep knowledge of cloud accounting software will allow us to automate mundane repetitive tasks with the BAS preparation so we can create a cost effective solution for your business. And we can extend our services, for a small quoted fee, to look at the rest of your business and the data prepared within your business.
In effect the wages disclosed in your BAS should agree to the wages reported in your Single Touch Payroll reports. The sales represented in your BAS should agree to the sales in your profit and loss and the GST bill in your BAS should agree to the GST bill in your accounts – this is the type of check that Westcourt does when we are engaged to prepare and consider your BAS properly.
And if your are undertaking an unusual transaction we have the capacity to engage with our tax team so we can deal with it in advance and identify causes of concern upfront.
For many clients the BAS lodgement will reflect part of a deeper tax strategy. That strategy might be the increased payment of monthly tax instalments to manage your companies franking account, tracking the fringe benefits tax instalment in the BAS or correctly recording a fee across different entities with the GST correctly recorded both ways. And getting a tax specialist to have total control of your tax lodgements will give you a single point of contact and accountability with your tax management.
Further lodging a BAS should be done on time. Late BAS lodgements can impact a business with obtaining a Tax Clearance Certificate or they can attract a range of penalties that strain a business finances.
For offshore businesses operating in Australia – engaging Westcourt to prepare your BAS will simplify your local team from investing in Australian tax law requirements and changing administrative positions – all while being cost effective.
If you want your correspondence with the ATO to be correct first time, you want a leading-edge tax technical team in full control of your ATO communications and you want a consistency of service in getting the BAS lodged correctly first time by a team of tech-savvy accountants then Westcourt BAS preparation services are natural fit for your business – so call us to have a chat.
Frequently Asked Questions
The Business Activity Statement (BAS) is a tax reporting requirement for businesses in Australia. It includes several types of taxes that businesses may be required to report and remit to the Australian Taxation Office (ATO). Here are some of the taxes that are included in an Australian BAS:
- Goods and Services Tax (GST): GST is a tax of 10% on most goods and services sold in Australia. Businesses that are registered for GST are required to report and remit GST on their BAS, typically on a quarterly basis.
- Pay As You Go (PAYG) withholding: PAYG withholding is a system for businesses to withhold income tax from their employees’ wages and remit it to the ATO. Businesses are required to report their PAYG withholding on their BAS, typically on a monthly or quarterly basis.
- Payroll tax: Payroll tax is a state-based tax on wages paid to employees. Businesses that pay wages above a certain threshold in a state or territory may be required to report and remit payroll tax on their BAS, typically on a monthly or quarterly basis. So while a BAS does not report payroll tax as such – the two are linked and should agree.
- Fringe Benefits Tax (FBT): FBT is a tax on non-cash benefits provided to employees, such as company cars or low-interest loans. Businesses that provide fringe benefits may be required to report and remit FBT on their BAS, typically on an annual basis.
- Wine Equalisation Tax (WET): WET is a tax on wine sold in Australia, and is typically paid by wine producers or importers. Businesses that sell wine may be required to report and remit WET on their BAS, typically on a quarterly basis.
Overall, the types of taxes included in an Australian BAS can vary depending on the nature of the business and its activities. Businesses should consult with their accountant or tax advisor to determine which taxes they are required to report and remit on their BAS, and to ensure compliance with relevant laws and regulations.
Businesses in Australia are required to prepare and submit a Business Activity Statement (BAS) to the Australian Taxation Office (ATO) on a regular basis, typically either monthly or quarterly. The frequency of BAS lodgment is determined by the business’s GST turnover, which is the gross income of the business excluding GST.
Businesses with a GST turnover of $75,000 or more per year must register for GST and lodge their BAS on a quarterly basis, unless they have elected to lodge monthly. Businesses with a GST turnover of less than $75,000 per year may choose to register for GST voluntarily and lodge their BAS on either a monthly or quarterly basis.
If a business lodges quarterly BAS statements, they must submit the statement and pay any GST owed within 28 days of the end of each quarter. If they elect to lodge monthly, the BAS must be submitted and any GST owed must be paid within 21 days of the end of each month.
In addition to GST reporting, BAS may also include other taxes such as Pay As You Go (PAYG) withholding and Payroll Tax, which may also be lodged on a monthly or quarterly basis depending on the business’s tax obligations.
Overall, businesses in Australia need to prepare and lodge their BAS statements regularly, either monthly or quarterly, to ensure compliance with the tax laws and regulations.
