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BAS Preparation Services
What is BAS?
What is BAS?
Your BAS is designed to help you pay for, and report:.
• PAYG (pay as you go) instalments.
• PAYG withholding tax.
• Goods and services tax.
• Any other taxes
What is a BAS service?
When to Register for GST
Goods and service tax can be registered for online, or through Geekbooks, as your registered BAS agent. This can be done when your business is first registered, or at a later date. It’s important to check regularly whether your business has reached the threshold for GST if it has not previously done so. GST needs to be registered for when:
BAS Agents - Why Hire a BAS Agent?
As a registered BAS agent, Geekbooks can assist in BAS preparation, submission, and lodging. But why use our services as opposed to doing it yourself? Here are some reasons:
Some companies may choose to hire an employee specifically to take care of accountancy requirements such as GST. However, this may prove to be a waste of resources when you have the option to simply pay for our expert services. Our sole purpose is GST preparation and lodging, meaning we don’t require the same as an employee and can work more efficiently with only one task on our minds.
With years of experience completing BAS, you can sleep easy knowing that your statement is in good hands. As a BAS agent, we have optimum knowledge and expertise of the field, meaning we never make mistakes. Our attention to detail is unmatched, and our services are the best in the area.
By supplying a BAS service, we are required to be registered by the Tax Practitioners Board, meaning you can share your information with us with the assurance that it is completely safe and secure.
We guarantee that with our focus being on this one issue, your GST will be completed much quicker than it would by someone in your workforce with a multitude of other financial duties. Allow your time and money to be spent elsewhere.
GST can be a confusing and stressful requirement. By investing in our services, we can relieve some of this pressure by taking it upon ourselves. Our service is simple and personalised, but can be done by us with ease. Allow us to take on your stress and do the job that we are trained to do.
Some common industries that usually have to register for GST include:
Advertising | Aviation and Aerospace | Construction | Charities and Non-profit Organisations | Finance | Automotive | Real-Estate | Travel | Retail
How to Find a Registered BAS Agent
It’s important to remember that after October 31st 2020, if you don’t use a registered agent, you’ll risk being fined for breaching tax lodgement regulations.
Some things to consider when choosing a BAS agent are:
> Their qualifications
> Their licenses
> How long the practice has been functioning and how long the agent has been working there
•>The kinds of services they offer
> How much access you will have to data
> How long the work will take to be completed
Avoid the risk of a bad lodgement
Up-to-date knowledge of BAS reporting changes
Why Choose Geekbooks?
How to Fill Out a BAS Statement
You’ll find that many Australian banks can provide GST bank accounts with no, or at least limited, fees. If you use this to set some money aside in a separate GST account, it’ll be easier to pay taxes when the time comes.
Your total sales will include everything except dividends or donations, while GST-free sales will include any sales of basic beverages and foods. We’ll then use these figures to calculate the sales for the full reporting method and report any capital and non-capital purchases. After reporting the total amount of GST that your business is liable for in the summary section, your statement will be finalised.
Don’t forget, you might not have anything to report for each period. However, ATO still requires you to lodge a BAS, in which case, you can use their automated phone line.
Fixing BAS Mistakes
Keeping on Top of Your Business
Being required to submit a BAS is a good opportunity to keep on top of your business records.
• Make sure to keep an up to date record of all business costs including wages, expenses, sales and fees.
• Keep logbooks and stocktake records to provide evidence of any motor vehicle claims.
• Make sure sales and bank statements are reconciled.
• Keep GST and tax invoices for at least five years.
• Do not claim for any purchases in which GST is not included in the price, for example, stamp duty, bank fees, basic beverages and foods.
• Imported goods. This is only relevant if you are the importer, and the goods are being used for your business.
• Any purchases made within a GST group. However, purchases between GST branches can be claimed.
Claiming GST Credits
• You can only claim GST credits for business-related purchases.
• Make sure to keep an up to date record of all business costs including wages, expenses, sales and fees.
• Keep logbooks and stocktake records to provide evidence of any motor vehicle claims.
• Make sure sales and bank statements are reconciled.
• Keep GST and tax invoices for at least five years.• If your purchase has a discounted price but this doesn’t appear on the invoice, you must still claim GST for the discounted price.• Make sure to keep an up to date record of all business costs including wages, expenses, sales and fees.
• Keep logbooks and stocktake records to provide evidence of any motor vehicle claims.
• Make sure sales and bank statements are reconciled.
• Keep GST and tax invoices for at least five years.• Make sure to keep an up to date record of all business costs including wages, expenses, sales and fees.
• Keep logbooks and stocktake records to provide evidence of any motor vehicle claims.
• Make sure sales and bank statements are reconciled.
• Make sure sales and bank statements are reconciled.
• Keep GST and tax invoices for at least five years.
• If you use cash to account for GST, claim for the credits up-front for products under hire purchase agreements.
• Remember to use the Australian dollar for GST credits even when claiming in a foreign currency
• You can sometimes be required to repay GST credits if your business changes.
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