BAS Services

BAS Agent Services

tick_mark20   Registered BAS Agents – Registration No. 80294000

tick_mark20   Registered ASIC Agents – Registration No. 37258

tick_mark20   ABBS are Certified Practising Bookkeepers

Compliance

Compliance with statutory reporting is an important issue in every business.    A business that is non-compliant exposes itself to penalties and sanctions that can place further financial strains on the businesses financial resources which can amount to hundreds or even thousands of dollars.

Statutory Requirements

The issue of Statutory and Regulatory requirements are quite broad and difficult to cover in depth here, though what is provided here are the basics a business needs to be aware of.  Should you have any specific questions, refer them to one of ABBS’s registered BAS agents.

When am I required to report and pay the tax withheld from my employees wages?

In general, the following will apply:

July Deductions – 21st August (Monthly IAS)

August Deductions – 21st September (Monthly IAS)

September Deductions – 28th October (Quarterly BAS)

October Deductions – 21st November (Monthly IAS)

November Deductions – 21st December (Monthly IAS)

December Deductions – 21st February (Quarterly BAS)

January Deductions – 21st February (Monthly IAS)

February Deductions – 21st March (Monthly IAS)

March Deductions – 21st April (Monthly IAS)

April Deductions – 26th May (Quarterly BAS)

May Deductions – 21st June (Monthly IAS)

June Deductions – 28th July (Quarterly BAS)

When am I required to report and pay GST?

In general, the following will apply:

July to September GST – 28th October (Quarterly BAS)

October to December GST – 21st February (Quarterly BAS)

January to March GST – 28th April (Monthly IAS)

April to June GST – 28th July (Quarterly BAS)

When am I required to report and pay Fringe Benefits Tax (FBT)?

Appointment of a tax agent for FBT role – 21st May

FBT Annual Return – 28th May

FBT provision payments are usually made with the quarterly BAS, see GST reporting.

When are employee superannuation guarantee payments due?

The due dates provided below are the dates the funds are required to be cleared funds in the super fund accounts.  Where funds are not clear funds with the superannuation funds on that date, a superannuation guarantee charge statement must be completed where penalties and interest will be applied.

It is recommended to allow 3 clear days for funds to be cleared to the super fund account for the employee.

July to September – 28th

October to December – 28th

January to March – 28th

April to June – 28th J

When is a Super guarantee report required and when is it due?

Employers who do not pay the super guarantee for their employees to the employee’s superannuation fund by the due date must complete a Superannuation Guarantee Charge Statement.  (Interest and penalties will be applied and will not be tax deductible)

July to September – After 28th October and each month thereafter until it is paid

October to December – After 28th January and each month thereafter until it is paid

January to March – After 28th April and each month thereafter until it is paid

April to June – After 28th July and each month thereafter until it is paid

When do I need to submit Tax File Declarations (TFN’s) for my employees?

Tax File Number (TFN) Declarations can be submitted electronically by ABBS

A TFN is recommended to be submitted to the Australian Taxation Office within 14 days of commencement of the employee.

When do I need to lodge my Taxable Payments Annual Report?

If you are in the building and construction industry and making payments to sub-contractors, you are required to lodge a TPAR report by 28th August  for the year July to June.

When do I need to lodge my employees Payment Summaries?

14th July – Payment Summaries to workers

31st October – Payment Summary annual report to Australian Taxation Office

Non-compliance

Failure to comply with the statutory reporting requirements by the due dates may result in a penalty being applied.  This is usually calculated at one penalty point for each 28 day period or part thereof that the document is overdue.   An entity size test is also applied so the penalty for larger entities can be multiplied by either two or five times.   The size of the entity is related to its assessable income, withholder status or its GST turnover.

Penalties we Avoid

ABBS’s BAS Service take steps to avoid these common items to which penalties will apply, (though others exist)

  • Failing to lodge a document on time
  • For a false or misleading statement
  • Failing to withhold amounts required under the PAYG withholding system

The penalty applied is $180 per penalty unit.

Note: Interest may also be applied.

Implications for Directors

Company directors have a legal responsibility to ensure that their company meets its PAYG withholding and superannuation guarantee charge obligations.   A company director who fails to meet these legal requirements in full by the due date automatically becomes personally liable for a penalty equal to the unpaid amount.

This information provided here is for convenient reference only and is available from the ATO website in more detail if needed.

BAS services by ABBS

ABBS take the provision of BAS services and the issue of compliance seriously so that reporting is completed correctly the first time.  This is important because a revision adds unnecessary costs to your compliance program.  We are very aware of how quickly lodgement dates can creep up unnoticed, and  how allowing these compliance dates to slip by unnoticed can cost your business money.

With BAS services being provided by an ABBS bookkeeper and BAS agent, you can be sure that you and your business are not exposed to these additional costs and eliminate your penalty risks.  To help you gain an insight into this issue and how non-compliance can affect you, some information has been provided for you below.

Contact Us Today

If you need help with BAS services. and would like to discuss your needs, then Contact us today for an obligation free consultation.

Should you wish to know more about ABBS – BAS services, answers to questions we have been asked can be found on our Frequently Asked Questions page.  If you have a question that has not been answered there, please send it to us and we will add it to the list for the benefit of others.

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