REGISTERED BAS AGENT SERVICES

It is mandatory for all business that are registered under GST to file a Business Activity Statement (BAS) to the ATO by a certain date. The Business Activity Statement is a form detailing the tax obligation of a company. This statement should be filed either monthly or quarterly.

A new legislation has been passed recently with respect to filing of BAS. As per the new legislation, only registered BAS agents and Tax agents can ascertain the tax liabilities and obligations of businesses. A BAS agent can be a company or an individual that provides the necessary BAS service to organisations.

There are various reasons to go for a BAS agent.

• The BAS agents are authorized people who can oversee and regulate the BAS services. They are registered with the Tax Practitioners Board.
• The BAS Agents have to follow the professional code of conduct. They should maintain honesty and integrity while carrying out their service. They should act in your best interest and should keep all information confidential.
• BAS Agents are subjected to various obligations and have to pay civil penalties if the obligations are not met. One such responsbility is the compulsion to hold Professional Indemnity (P.I.) insurance.
• BAS agents have the necessary qualification, experience, professionalism and competence to carry out their BAS obligations.
• While submitting BAS, only BAS Agents can represent you in dealing with ATO related to Goods and Services Tax (GST), PAYG Instalment Payments, PAYG Withholding (payroll), Fuel Tax Payments, Wine Equalisation Tax (WET) and Luxury Car Tax (LCT).
• In case of any error in computation or late lodgment of BAS by the agents, the clients get the benefit from “safe harbor” through which they get relief from penalties.
• Engaging our professional BAS Agent Services allows you 8 weeks following the end of the quarter, to comply with your BAS obligations.

The Tax Practitioners Board maintains a public register of Registered BAS Agents at www.tpb.gov.au.