Business Activity Statement

Services

The BAS is a requirement of the Australian Taxation Office (ATO)(1) and has to be lodged either monthly or quarterly on the due dates or you as a business owner will be penalised. The BAS statement summarises the amount of Good and Services Tax (GST) you must pay or receive, along with other taxes in Australia, including Australian business number (ABN) withholding tax, and pay as you go (PAYG) tax.

BAS Portal

In Australia, registered BAS agents such as our BYO Group have online access to the BAS Agent Portal, a secure website that offers a variety of information and services that helps agents in their work. However, the ATO now offers a new online system(2) for BAS agents with more features than the portal, and agents will need to transition to this new requirement eventually.
 


At BYO Group, you’ll have a dedicated account manager to oversee all of your business needs, whilst providing you with ongoing support and advice.


 

BAS Registration

Business Activity StatementFor registration, BAS agents have to meet specific requirements and criteria for eligibility and meet the qualifications and experience required by the Tax Agent Services Act 2009 (TASA). Before a BAS agent can be registered, they must have at least a Certificate IV Financial Services (Bookkeeping) or a Certificate IV Financial Services (Accounting) from a registered training organisation (RTO) or an equivalent institution. They must also complete a Board-approved course in basic GST/BAS taxation principles.

BAS Calculations

In Australia, most businesses submit their BAS monthly, quarterly or annually when the due dates occur and their BAS agent calculates the amount of the following taxes they have to pay:

  • GST
  • Instalment notices for GST and PAYG instalments
  • Fringe Benefits Tax (FBT)
  • Fuel Tax Credits
  • Luxury Car Tax (LCT)
  • Pay As You Go (PAYG) income tax and tax withheld.
  • Wine Equalisation Tax (WET)

 


BYO Group is committed to providing tailored bookkeeping solutions for all your business needs, giving you peace of mind that everything is being handled according to the proper standards.


 

BAS Report

You will automatically receive a BAS form from the ATO when you register for an ABN and GST. The form will arrive when it is time to lodge your BAS statement to report your business activity. All businesses registered for GST must lodge a BAS before the due date, whether annually, quarterly or monthly. If your business does not earn enough to register for GST, an instalment activity statement (IAS) has to be lodged with the ATO. The IAS is similar to the BAS but GST and some other taxes are not required to be paid.

BAS Accountant

Our team of BAS accountants at BYO Group makes certain that your business activity statements are not only lodged on time but are correct in every detail. Our accountants and bookkeepers also work hard to make sure that what you have declared on your taxation forms matches all of your BAS submissions.
 


BYO Group is dedicated to providing seamless bookkeeping services with clear lines of communication, support, and trust.


 

BAS Accounting

For BAS accounting, our bookkeepers at BYO Group are experts. We can quickly and simply prepare your statement, maximise your credit entitlements and lodge your BAS on your behalf by its due date. We prepare your BAS with the details you provide; however, more and more of our clients are happy to reap the benefits of computerised accounting services.

If your BAS statement is due and you’re wondering “Is there a BAS agent nearby or near me?” then give BYO Group a call. We’d be happy to hear from you if you have a question or want to chat. Our number is 0402 100 421, alternatively, you can fill in the convenient online form, and we’ll get back to you in a flash.

References

  1. https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/
  2. https://www.ato.gov.au/Tax-professionals/Online-services-for-agents/

Testmonials

The ongoing support from BYO books has just been fantastic. Diane and her team is extremely responsive and reliably intuitive to my needs, demonstrating their commitment to great customer service and their superior knowledge base on bookkeeping issues and how to use Xero to full advantage.

I have no hesitation in recommending Diane and her team at BYO Books to any business needing a responsive and reliable bookkeeping service.

Alison McWhirter Photography

We were using a manual Excel system of record keeping prior to working with BYO Books. Diane made the transition to Xero as seamless as possible without too much stress or work from me.  We now use Receipt Bank and she manages everything remotely. Our records are always up to date and I can request any report I like and she usually sends it within a couple of hours. The service level is excellent and we are always compliant with all tax and employer  obligations. I only wish I had made the change to BYO Books years ago as I now have more time to run my business rather than being the bookkeeper for it.

Pure Distillery Company – Dean Lucas

After many years of unreliable reactive bookkeeping we were thrilled to find Diane McCaffrey and her team at BYO Bookkeeping Services. Diane assisted us in developing a systemised, time efficient and proactive bookkeeping system for our small business. I find Diane and her team to be highly professional and efficient and a true pleasure to work with. And she is a great bookkeeper: diligent and detail oriented, down to the last penny. Diane continues to be an integral part of our success and we truly value and are grateful for our association with her.

Eat Play Thrive – Vicky Kuriel