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What is BAS Tax Return and how to prepare it?

Are you a business registered for GST in Perth, Australia? If your reply is yes, then, you should lodge a Business Activity Statement (BAS). Again, preparing your BAS tax return is not as easy as it may seem. The best option is to seek the professional assistance of a bas agent Perth, Australia. A BAS agent, Perth is familiar with the various legalities and aspects which ensures a gratifying BAS tax return preparation. 

When do you need to lodge your BAS?

The Australian Taxation Office (ATO) will conventionally send your BAS at a particular time. You will receive your BAS from the ATO only after you’ve registered for GST and an Australian Business Number (ABN). You can report and pay the following things through your valid Business Activity Statement (BAS).

  • PAYG withholding tax 

  • Goods and Services Tax (GST)

  • Installments of the Pay As You Go (PAYG) and 

  • A couple of additional taxes more 

To prepare and lodge your BAS impeccably, professional assistance is of utmost importance. The only person who can provide you the finest assistance with this is a registered bas tax return agent Perth. 

A look at the different BAS lodgement options

There are various lodgement options that you can opt for to lodge your Business Activity Statement (BAS) and GST. Several businesses which lodge their BAS on their own go for the online mode of lodgement. Even if you’re unable to pay currently you must lodge your BAS on time. If you don’t it, you’ll be incurred by an unprecedented penalty. Conversely, timely lodgement of your BAS will allow you to avoid the brunt of the penalty quite effectively. Some of the most popular BAS lodgement options in Australia can be considered below.

Lodgement through a registered BAS agent!

This is undoubtedly the best option to prepare, lodge, and pay your BAS on your behalf. While doing so, your BAS agent would opt for his or her preferred electronic channel. There are numerous benefits of hiring a BAS agent to lodge and pay for the BAS on your behalf. Some of the advantages which you can expect include:

  • Your BAS agent will conventionally manage all the crucial tasks related to the preparation and lodgement of your Business Activity Statement (BAS). Nonetheless, you can access these bits of information via myGov or Business Portal. 

  • A BAS agent can view the activity statements which have been sent to your myGov inbox. 

  • You too can yield the most of these benefits concerning your effective BAS preparation and lodgement. All you have to do for that is to hire a registered BAS agent in Perth as quickly as possible. 

Online BAS Lodgement

When you lodge your BAS on a quarterly basis online, you can expect certain advantages in return. The chief advantage is that you will get entitled to an optimal concession. This allows you to lodge and pay your BAS with an additional two weeks in hand. A complete checklist of these online BAS lodgement options has been given below for you.

  • SBR-integrated software: This particular software program ensures secure BAS lodgement for you via certain feasible platforms. Convenient payroll, financing, and accounting software programs comprise the list. These software programs are oftentimes integrated with pertinent business software programs which cater to the requirements of certain notable benefits.

  • MyGovID: Is your myGov account linked to an Australian Business Number? Then, you won’t be able to manage the ABN connections or use the AUSKey. 

  • Business Portal: Earlier a protected ATO website was responsible for managing your business tax affairs online. You need to use the myGovID if you wish to access the Business Portal after 27th March 2020. 

  • Online services for sole traders and individuals: This particular online BAS lodgment platform can only be accessed through myGov. It allows you to manage your super and tax from a single virtual medium. 

According to the type of your business, you can optimize any of the BAS platforms stated above. Despite this, the best option would be to hire one of the best tax agent near me, Australia. Your BAS agent will assist you in lodging and paying for your Business Activity Statement effectively. 

How to lodge your BAS?

Faultless lodgement and payment of your BAS require you to adhere to a particular system.  To do this, you must mail your accomplished and original BAS by using the pre-addressed envelope provided in your BAS package. It may happen that you’ve made an unexpected error on your paper BAS. In that case, you can use white-out to make all the necessary changes. In case you have mistakenly misplaced the pre-addressed envelope send your BAS to the official address of the ATO.

Get in touch with BAS agent Perth!

So, want to lodge and pay your BAS to the ATO at the right time and in the right way? Then, hire a BAS tax return agent in Perth to complete the task in a successful manner. Rest assured your BAS agent will leave no stone unturned to ensure your BAS’s flawless lodgement and payment. 

 

Karan
Karanhttps://www.goforpost.com
Hi I'm a professional blogger having experience in Digital Marketing And Blogging. My basic research on Finance, tech, health, entertainment, Digital Marketing, and home improvement. I'd like to share my experience with all of you be to connect to explore the knowledge.
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