A BAS accountant, or one who specializes in business activity statements, often works as an independent contractor rather than a fulltime hire for a company. This type of professional will prepare the statements that are required by law in Australia for business taxes. If you've never thought about consulting a BAS accountant like one from JSPN Bookkeeping Solutions for your business as you assume it's too small or you can handle this type of statement preparation on your own, note how and why they can actually save your company money.
1. Avoiding fines and fees
It's good to keep in mind that the government doesn't care if your business is large or small; you need to pay your taxes, and you need to present accurate and truthful information when you file your paperwork. If you assume that you can prepare a business activity statement on your own without any knowledge of how to prepare taxes, and then fail to include certain income on the business or the statement is inaccurate in any way, you may face penalties and fees that can be very steep.
Because a BAS accountant specializes in the business activity statements that are required by the Australian government, they will ensure this paperwork is prepared accurately and according to government regulations. You can then reduce or eliminate your risk of fines.
2. Understanding deduction and payment options
A BAS accountant, like most accountants, can also help you throughout the year and not just at tax time. A BAS accountant ensures that all deductions for which you are eligible are claimed at tax time, but even before paperwork is filed, he or she can also advise you on how to leverage your business so that you may be eligible for more deductions. This may include things like depreciating certain property or assets so that this depreciation can be claimed at the end of the year.
A BAS accountant can also work with a business owner to note if they can pay their tax bills throughout the year rather than only at the end of the year. This can make it financially easier on a company that may not have the cash flow to face a large tax bill every year. However, an accountant might also advise if the annual tax payment is the more cost-effective option; this can keep your bank balances at a certain amount every month and allow your company to collect more interest on those bank accounts during the course of the year.Share