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KYBC BAS Services is a registerd BAS Service Provider and is focused on providing professional BAS services. KYBC provides the following information (FAQ) as a guide only to assist you with your BAS or with engaging a BAS service provider:
What is BAS?
BAS is short for Business (tax) Activity Statement. Businesses must use BAS to report and pay tax obligations including PAYG, FBT and GST, and to pay deferred company and superannuation fund instalments.
Can I claim tax deductions if I use a bookkeeper for my BAS?
Yes, KYBC BAS services and KYBC bookkeeping services are
tax deductible.
What do BAS services include?
preparing/lodging an approved form about a taxpayer's BAS obligations;
giving advice about a BAS provision; and
transacting with the Commissioner on behalf of a taxpayer about a BAS provision
'BAS provision' is a law relating to GST, WET, LCT, PAYG withholding, PAYG instalments, FBT instalments, deferred company instalments and a special GST credit for sales tax paid on stock.
Note: A legal practitioner is not allowed to lodge an activity statement, unless he or she is registered as a tax agent or qualifies as a BAS service provider. We highly recommend that you use a registered BAS Service Provider like KYBC because you are ultimately responsible for the accuracy and completeness of the activity statement. The law makes you vicariously liable for any penalties imposed as a result of a mistake made by your registered tax agent or BAS agent.
How is BAS lodged?
KYBC BAS Services electronically lodges BAS on your behalf using the Electronic Lodgement Service provided to registered BAS Service Providers. This ensures your BAS never goes missing in the mail and that KYBC has a copy of your BAS and lodgement date and time to prove when you lodged your BAS for tax and ATO purposes.
Are PAYG installments/withholding due at the same time as GST reporting?
Yes, all obligations on the BAS form are due for lodgment and payment on the same day.
What happens if I fill the BAS form out myself and make a mistake?
You are required by law to fill in your BAS correctly. The law imposes penalties if you understate your tax liability or overclaim a credit. If you make an honest mistake and you voluntarily tell the Tax Office about it, any penalties that apply will be waivered. However, you will have to pay interest on any understated tax or overclaimed credit. To avoid mistakes consider engaging a professional registered BAS provider such as KYBC.
You can obtain more BAS related information from the Australian Tax Office directly or please feel free to contact KYBC to discuss your BAS requirements.
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