What is a BAS Agent?

BAS agent

What is a BAS Agent?

A BAS Agent is a licensed agent that can give BAS services for a fee. They are usually bookkeepers and are and fully certified with the Tax Practitioners Board.

BAS agents do so much more than bookkeeping, however. They are concerned with advising businesses concerning taxation under the BAS provisions.

These usually cover:

  • Payroll tax concerns, such as the correct remittance and reporting of withholding tax.
  • FBT payments
  • GST payments
  • Taxes on certain goods such as luxury items, like fuel, wine, and cars
  • Superannuation Guarantee system
  • Taxable Payments Annual Reporting system
  • Income tax payments and withholding amounts via PAYG installments

What Does A BAS Agent Do?

It is an advisory role to businesses facilitating full compliance with operating rules and the Tax Agent Services Act.

In most cases, these agents also represent companies in front of the BAS service commissioner.

Typical roles of a BAS agent include:

  • Designing systems to comply with necessary BAS provisions
  • Ensuring businesses are compliant with BAS rules on every decision
  • Reviewing business processes to ensure they are on the right track with regards to BAS law.
  • Administering bookkeeping tasks, as necessary

How is a BAS Agent Different to a Bookkeeper?

A bookkeeper’s role will often slightly overlap with that of a BAS agent. A bookkeeper’s role stops with the day-to-day processing of transactions or systems operation, however.

BAS agents are bookkeepers with significantly more responsibility and specialization. The primary purpose is in giving advice with regards to BAS tax laws.

Bookkeepers can’t legally do the same. They also can’t design systems or represent businesses in front of the BAS.

Qualified agents design the system for BAS compliance. Bookkeepers implement it.

How Your Business Benefits from BAS Services

The BAS rules may not always be clear cut, and there might be some confusion in applying them to your business. The help of a BAS agent is invaluable, ensuring your company is compliant with these regulations throughout its operation.

Perth Startup Support

You have a business idea, you have some customers and now you are starting to make money. The statistics are showing, however, that the main reason 1 in 4 businesses close in the first year and only half were still operating three years later is due to financial mismanagement or inadequate or inaccurate records.

Managing your business’ finances is just as important as having customers. We are here to help you establish some basic bookkeeping systems, using the software that is suitable for you. 

We will also train you how to use it, ensuring you have a good financial management system in place to ensure your business not only succeeds but thrives.

You’re then equipped with all the knowledge and tools to run a successful business.

Alternatively, do you want to make sure the obligation of Bookkeeping doesn’t distract you from growing your business? We can work with you to ensure your deadlines are met, books are impeccable and business is efficient.

The end result is that you have more time to focus on your business’ growth, and can be confident that the numbers are being taken care of. 

Our best tips for those starting up is to list your priorities, divide your time wisely and use as many helpful resources as you can.

How Additional Business Concepts Helped A Perth Startup

We provided a courier business with the systems to ensure they were managing their finances. It has been a step at a time, setting up an accounting system and training them to enter all the sales invoices, purchase invoices and payroll and recording GST. This has kept their bookkeeping costs down, but better yet provided them with the information they need to be able to understand how their business is really going. It has ensured that they are keeping up with their reporting obligations (submitting Quarterly BAS) and provided them with up to date information to discuss tax planning and investments with their accountant.

Call us now for a free 30 min consultation to discuss your unique business and what you should do further

Money Management – Where is My Money Going?

The bookkeeping is being taken care of, the BAS’ are being lodged on time, your employees are being paid well, but where is the money? The Profit and Loss report is showing you should have more in the bank.

Many business owners are scraping by, but far from profitable. We have implemented a system to be able to capture that data and show you where the money is going.  

We find out what products/services are making money, where the money leaks are happening, why the cash flow is nonexistent and help you implement a plan to fix the money leaks and the cash flow problems.

As we strive to find solutions and efficiency for your business we use our expense analysis, forecast and budgeting, and cash flow management to monitor and analyse your business expenses and profits.

We are passionate in working alongside you, we believe in your dreams and will use our skills and services to get you on top of your business.

Money Management Case Study for a Perth Business

One of our early clients used this service to know when to take holidays and have a baby! She was able to establish where the business’ main income was coming from and what times of the year were the quietest. In doing this she was able to plan a family and continue to work in the area that was making the most money.

Call us now for a free 30 minute consultation to discuss how we can help you.

Perth Business Management

business-owner

The business is functioning, the financial data is being recorded and you are doing your best, but there are pieces of the financial management system missing.

It is harder than you realised, you feel lost in the figures and it is a big, black hole. You feel like there are not enough hours in the day to see out the end of your to-do list and it is beginning to cut into your home/family/leisure hours.

When you are overwhelmed by financial management it is difficult to keep up with your reporting obligations because of the missing pieces. 

We are here to support business owners with their bookkeeping, putting all the pieces together. We are able to provide a tailor-made package to ensure you are keeping up with your reporting obligations and are able to sleep at night. 

From full bookkeeping support where you do not have to worry about it anymore, to reviewing transactions and reconciling accounts and providing that extra level of bookkeeping knowledge and expertise our aim is to ensure you have knowledge and understanding of your finances.

Our Business Management Case Study

Most of our clients are the female business partners who have the business knowledge and are keeping the bookkeeping under control but rely on us to provide the in-depth understanding of payroll and to ensure the record keeping captures the financial information in a way that provides meaningful financial reports. They know before a BAS how much money they need to pay, they know when the superannuation is due and how much is owing. In some cases, we have assisted with Payroll Tax and collating the data for Long Service Leave. There is no reason to lose sleep over the bookkeeping, we are here to help. With both sleep and an understanding of your business’ finances, you are in a better position to grow a successful business.

Call us now for a free 30-minute consultation on what will work best for your business.