Determining whether to manage Business Activity Statement (BAS) returns for Goods and Services Tax (GST) independently or to engage professional help depends on several factors, including one's familiarity with the Australian taxation system, the complexity of the business transactions, and the time one can dedicate to this task. The Australian Taxation Office (ATO) provides resources and online services that facilitate the process of lodging BAS electronically, which is described as a quick, easy, and secure method. This online method also offers additional benefits such as a two-week deferral offer, potential for faster refunds, and assistance in avoiding mistakes. For small businesses, the BAS returns process is simplified, requiring less detail, which might make self-lodgment more approachable.
However, the intricacies of tax laws and the importance of accuracy in lodgements, which can affect one's standing with the ATO, often make the engagement of a BAS agent a prudent choice. BAS agents are certified professionals who are not only qualified but also required to undertake continuous professional education, ensuring they are up-to-date with the latest tax laws and practices. They can provide peace of mind through their expertise and are accountable to the Tax Practitioners Board, offering a layer of security and professionalism.
For those who are less confident in their bookkeeping skills or who have more complex financial affairs, professional assistance can help avoid common errors and ensure compliance with ATO requirements. Recent changes in BAS regulations and the growing complexity of tax laws underscore the benefits of professional guidance to ensure accurate and compliant BAS returns. Ultimately, the decision to self-lodge or seek professional help should be weighed against the business owner's ability to accurately manage their financial affairs and the potential risks and penalties associated with incorrect lodgement. Engaging a professional may represent an additional cost, but it can also be seen as an investment in the financial health and compliance of one's business.
This information is intended for general guidance and does not constitute professional advice. It is advisable to consult with a financial advisor or simply contact Namecorp’s Support and Compliance Team either by phone on 1300 006 263 or via email at support@namecorp.com.au and they will assist or provide further clarification for you over the phone.