Getting Professionals for BAS Services

Posted by Aaeesha on March 6th, 2015

One of the most important activities any business setup, be it small or large, has to do is to report their tax dues diligently. Every country has its own unique way of handling this process and terms pertaining to it. In Australia it is known as the Business Activity Statement or simply BAS in its acronym form. Depending on what type of taxation formalities an organization is enrolled under or the BAS form it is eligible for, the firm has to comply with BAS lodging to the Australian Tax Office accordingly. As the firms might be bound to pay taxes for almost all the concerned legal statutory at local as well as federal level, it makes a lot of sense to rope in some seasoned professionals to ease the burden.

Although the Australian tax structure maintains a relatively low taxation policy when pitted against some of the developed and strong economies, the tax charges to be complied with at various levels, local and national, can be quite overwhelming. Involving firms that have been consistently providing professional BAS services would not only reduce the load of complying with various tax regulations, but also help organize the company in its legal obligations to the government. BAS forms were introduced in the year 2000 as a part of a major taxation overhaul and are just over a decade old. So many firms which, are still continuing with the old taxation policies, are now getting into the groove to submit the new BAS forms to the Australian Tax Office.

There are various BAS forms like the Pay As You Go Withholding (PAYGW), Pay As You Go Installments (PAYGI), Fringe Benefit Tax (FBT), etc. that a company needs to comply with and requires intricate knowledge of the procedure to do so. BAS lodging with so many options often leads to small errors and subsequently goes to a tribunal or a special committee to resolve the errors. Nevertheless, getting the work done by a professional firm in this sector is always beneficial leading to timely compliance with tax regulatory body and getting the BAS related activities organized in a proper manner.

Doing all this activity on your own or at company level will only add to cost overheads apart from some trivial errors that might creep in with final BAS forms that need to be submitted to a government body. Firms or companies specializing in providing BAS services have all the qualified staff on board to ensure that a client firm is properly serviced with all its BAS related activities. These firms also ensure that their staff and company itself is well versed with the new rules and policies pertaining to taxation that the tax regulatory bodies prescribe from time to time.