25/01/2024
Q) What is a BAS Agent?
A) Someone who is licensed and registered with the Tax Practitioners Board to provide BAS Services.
➡️ A BAS Agent is A BAS Service provider and gives advice, and represents businesses in BAS related matters.
➡️The agent can lodge Business Activity Statements (BAS & IAS) on behalf of clients, advise clients on liabilities for GST, FTC, PAYGW liabilities, and others. They can also lodge Superannuation, and Superannuation Guarantee Charge statements, Taxable Payment Annual Reports, register a business for GST or PAYGW, complete Payroll and lodge Single Touch Payroll. They can be a representative of your business to deal with the ATO in arranging payment plans etc. on your behalf.
➡️BAS Agents work under a Code of Conduct - Honesty - Independence - Confidentiality - Competency - Other (must comply with Tax laws).
➡️BAS Agents must hold Professional Indemnity Insurance and be a member of a Professional Association to operate.
➡️BAS Agents are cost effective and therefore much cheaper than an accountant to lodge BAS/IAS returns, apply for business registrations etc.️
➡️So before your business contracts out your bookkeeping and payroll work, always check whether the Contractor is a registered BAS Agent with the Tax Practitioners Board and licensed to operate.