Every business person must understand the importance of complying with the legal requirements of the jurisdictions they operate. One of the legal responsibilities of any business is to comply with tax laws. Failure to pay taxes or comply with any tax laws can cause serious legal consequences.
Unfortunately, not every business person has the relevant tax knowledge to help them know what is required as far as their tax obligations are concerned. Filing taxes and understanding how the tax system works can be challenging, and any business owner needs help with this. Delegating the tax aspect of a business to a BAS agent makes sure that the business owner has time to focus on other parts of the business.
What is a BAS Agent?
BAS stands for Business Activity Statement. A BAS agent, therefore, is a licensed person or firm who can represent other persons in the tax office concerning various tax matters. They are also allowed to advise their clients on certain tax issues.
What Does a BAS Agent do?
Basically, a registered BAS Agent helps a business owner to design and set up compliance systems. These are techniques used to make sure that the business adheres to all legal requirements, especially those that relate to tax. They also conduct regular analysis to see if the compliance systems are effective. In case they notice any gaps in the system, they redesign it to make sure it is failure-proof.
Secondly, the agents are authorized to advise their clients on how the different compliance areas affect them legally. Most legal requirements for businesses come with penalties and consequences attached to them in case a business owner violates them. It is the duty of a BAS agent to educate their clients about all such consequences.
After the agents review the client’s system to ascertain that everything is working correctly, they are also tasked with the duty to represent the client in the tax office in case any issues arise. The agent represents the clients in matters relating to GST, wine tax, fuel tax, payment of FBT, payroll aspects, and all withholding tax issues. Basically, the agent represents the client on all tax-related issues at the tax office.
Why Use a BAS Agent?
Many people would argue that they can do BAS themselves, but there are many benefits of hiring an agent to represent you. First of all, they are well educated on all tax regulations, and they have experience in document preparation. This is because they are required to complete various training programs before getting licensed. That way, they are in a better position to handle BAS than a regular person.
Moreover, lodging incorrect BAS can lead to huge fines. This is why hiring an agent is a great move because they are less likely to make errors. In the case where the agent makes an error, they are usually covered by the Safe Harbour laws. They are also required to adhere to a certain code of conduct to make sure that they offer clients professional and high-quality services.
Why Choose Additional Business Concepts in Mandurah?
Businesspersons in Mandurah operate in a very competitive environment. Therefore, they have limited time to deal with tax and compliance issues, which is why hiring Additional Business Concepts is recommended. Additional Business Concepts will take care of all business compliance needs at a very affordable price. They are reliable, efficient, and quality-oriented.