A form, submitted to the Australian Taxation Office, by all and any businesses so as to report their taxation obligations is known as a Business Activity Statement or BAS. An organization can complete a variety of BAS forms for submission to the taxation department. A business receives a BAS form depending upon the taxation liabilities the organization has. The BAS form can be submitted via mail or e-mail and each form contain a unique Document Identification Number or DIN.
An individual or accounting firm who helps a business to submit the BAS form properly and timely is known as a BAS agent. The official role of a BAS agent came into fruition in the year 2009 after passing of a bill by the Tax Practitioner’s Board. The main services given forth by a BAS agent includes –
- Preparation and submission of a form which relates to client’s tax liabilities like a Business Activity Statement or Instalment Activity Statement or even Summaries of different Payments made by the organization or business firm
- Giving advice to the individual about the BAS provisions which can be exercised by him/her during his/her taxation obligations. The BAS provisions include Wine Equalisation Tax Law, Fuel Tax Law, GST or Good and Services Tax Law, etc.
- Interpretation and application of the BAS provisions
- Coding of tax invoices
- Completion of BAS on behalf of the client
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