For BAS Agents Archives

Didn’t lodge your BAS on time? Here come the late lodgement fines…..maybe

BAS Agent's Blog, For BAS Agents, GST & BAS / By Louise McLoughlin / 12 March 2014 / ATO, ATO Portals, AUSkey, BAS, BAS Agent, Failure to Lodge Penalty, Late lodgement, Penalties / 4 minutes of reading

So the BAS lodgement date came and went and you didn’t get around to lodging your BAS – what happens now? The Australian Tax Office (ATO) doesn’t look favorably on this behaviour. If they see fit, you may just find yourself having to pay late lodgement penalties. What are these penalties and how much will you have to pay if charged?

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Employers’ Toolbox (free download)

BAS Agent's Blog, Bookkeeping, For BAS Agents, Payroll & Superannuation / By Louise McLoughlin / 26 February 2014 / ATO, employer obligations, Fairwork, leave entitlements, Modern Awards, National Employment Standards, PAYG withholding, payroll, Record-Keeping, Superannuation / 1 minute of reading

Are you a new employer? Do you need help with getting started? Do you know what your employer obligations involve? Being an employer is a huge responsibility and brings with it added compliance to which you must adhere if you want to get it right. To assist you in this task, we have created the “Employers’ Toolbox”, a simple guide to getting started including all of the resources you will need along the way.

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29 Common GST Mistakes

BAS Agent's Blog, Bookkeeping, For BAS Agents, GST & BAS / By Louise McLoughlin / 20 February 2014 / GST, GST errors, GST Mistakes / 7 minutes of reading

Even though the Goods and Services Tax (GST) has been in operation for more than 20 years, despite its best efforts to educate the general public, the Australian Taxation Office (ATO) is still receiving business activity statements (BAS) containing many errors. Most of these errors relate to the over-claiming of GST input tax credits (ITCs) but in general, can be attributed to a misinterpretation (or lack of knowledge) of GST legislation.

Below is a list of some of the most common errors business owners make when preparing the BAS.

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Any Tom, Dick, and Harry can prepare and lodge the BAS… but should they?

BAS Agent's Blog, For BAS Agents, Tax Practitioners Board / By Louise McLoughlin / 5 February 2014 / ATO, BAS Agent, BAS Registration, BAS Service, Tax Practitioners Board / 4 minutes of reading

It’s a well known fact that almost everyone can prepare and lodge the Business Activity Statement (BAS). Those who charge a fee for this task must become registered with the Tax Practitioners Board (TPB) as stipulated by the TASA 2009 legislation. Others, however, who fit certain criteria (see below) don’t have to register but can still prepare and lodge BAS. So we have registered and unregistered persons doing the same job. The question is, should unregistered persons be preparing and lodging BAS in the first place? I don’t think so, and here’s why:

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How to lodge your taxable payments annual report online

BAS Agent's Blog, For BAS Agents, Taxable Payments Annual Report / By Louise McLoughlin / 28 September 2013 / ATO, AUSkey, BAS Portal, Business Portal, Contractors, Lodging Online, reporting, Taxable Payment Annual Report, Taxable Payments Reporting, TPAR / 1 minute of reading

If you are in the building and construction industry, you are now required to lodge a taxable payments annual report (TPAR) by the 28th of August each year. The TPAR tells the ATO about payments you have made to contractors during the year in your business. Lodging via hard copy and snail mail can be a nuisance particularly if there are many contractors to report about. Information about lodging your TPAR online can be found on this ATO webpage.

Even though the above ATO webpage explains how to lodge the TPAR via the business portal, the instructions still apply to BAS Agents using the BAS Portal to lodge on behalf of clients as the lodging process is the same. In fact, the instructions apply to lodgement of any file via the portals so this video is pretty handy.

For more information about the Taxable Payments, Annual Report read our in-depth blog here.

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How has the TASA Legislation Changed?

BAS Agent's Blog, For BAS Agents, GST & BAS, Tax Practitioners Board / By Louise McLoughlin / 3 September 2013 / BAS Registration, BAS Service, Legislation, TASA 2009, Tax Practitioners Board / 2 minutes of reading

As of 30 June 2013, the Tax Agent Services Act 2009 (TASA) has been amended. What parts of the legislation have been amended and how does this affect BAS/Tax Agents? There are 5 main areas of the TASA 2009 legislation that have changed. These areas include:

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Can You Trust Bank Feeds?

BAS Agent's Blog, Bookkeeping, For BAS Agents / By Louise McLoughlin / 5 April 2013 / Bank Feeds, Bank Reconciliation, Cloud, Cloud Accounting / 5 minutes of reading

It’s common knowledge now that if you are using cloud accounting software, you have access to bank feeds i.e. your bank transactions are pulled into your accounting file from your bank institution on a daily basis via the magic of the “cloud”. This means that you have up to the minute updates on exactly what’s happening in your business accounts. This is a great thing – no doubt. It also means the amount of time you would otherwise spend on tedious data entry is considerably reduced – what’s not to like? Undoubtedly bank feeds have been a real boon for business owners and bookkeepers alike but lately, due to some recent events in our BAS Agent practice, I have started to wonder if we actually can or should trust bank feeds. Let me tell you what happened……

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BAS Preparation Checklist – Free Download

BAS Agent's Blog, Bookkeeping, For BAS Agents, GST & BAS / By Louise McLoughlin / 16 March 2013 / BAS, BAS Preparation Checklist, Checklists, Free Downloads, GST / 1 minute of reading

Here at e-BAS Accounts we do everything via systems and checklists. When we process a client’s BAS we use our “BAS Preparation Checklist”. Using the checklist ensures that we never miss a thing! Today we are sharing the checklist with you – it’s free to download! Enjoy!

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Source Documents & Our Obligations as BAS Agents

BAS Agent's Blog, Bookkeeping, For BAS Agents, GST & BAS, Tax Practitioners Board / By Louise McLoughlin / 3 February 2013 / Code of Conduct, Competence, Honesty, Integrity, Rules, Source Documents, TASA 2009, Tax Practitioners Board / 5 minutes of reading

This is part 3 in our blog series about source documents. In parts 1 and 2 we explained what source documents are, why they’re important, and also how our clients deal with them. Today we will look at how the legislation which guides us as BAS Agents impacts the way we work with source documents.

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How do our Clients Deal with Source Documents?

BAS Agent's Blog, Bookkeeping, For BAS Agents / By Louise McLoughlin / 20 January 2013 / ATO, Australia Post, Clients, Dropbox, Source Documents / 4 minutes of reading

Last week we looked at source documents, what they are and why they’re important. This week we look at how our clients work with source documents, how they deliver them to us, and the various issues that can arise from time to time.

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Didn’t lodge your BAS on time? Here come the late lodgement fines…..maybe

Employers’ Toolbox (free download)

29 Common GST Mistakes

Any Tom, Dick, and Harry can prepare and lodge the BAS… but should they?

How to lodge your taxable payments annual report online

How has the TASA Legislation Changed?

BAS Preparation Checklist – Free Download

Source Documents & Our Obligations as BAS Agents

How do our Clients Deal with Source Documents?

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